American Renal Associates Holdings, Inc. Announces Settlement of Shareholder Derivative Litigation
American Renal Associates Holdings, Inc. (NYSE: ARA) (the “Company”), a leading provider of outpatient dialysis services, is pleased to announce that the Company has received preliminary approval of the settlement of a stockholder derivative action brought by Plaintiff Luke Johnson, and pending in the United States District Court for the District of New Jersey (case number No. 19-cv-15812) (the “Johnson Action”). The proposed settlement releases all claims asserted against the Company and the other named defendants in the Johnson Action without any liability or wrongdoing attributed to them. The proposed settlement remains subject to court approval and other customary conditions.
The proposed settlement does not involve a payment by or to ARA and will have no impact on ARA’s financial condition or results of operations. Current shareholders may access a notice describing the proposed settlement and the agreement setting forth its terms on the Company's Investor Relations webpage. Visit http://ir.americanrenal.com/ for more information.
About American Renal Associates
American Renal Associates (“ARA”) is a leading provider of outpatient dialysis services in the United States. As of June 30, 2020, ARA operated 251 dialysis clinic locations in 27 States and the District of Columbia serving more than 17,300 patients with end stage renal disease. ARA operates principally through a physician partnership model, in which it partners with local nephrologists to develop, own and operate dialysis clinics. ARA's Core Values emphasize taking good care of patients, providing physicians with clinical autonomy and support, hiring the best possible staff and providing best practices management. For more information about American Renal Associates, visit www.americanrenal.com.
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements included in this release, including expectations about the settlement of the Johnson Action are based upon information available to the Company as of the date of this release, which may change. These statements are not guarantees of future performance and actual results could differ materially from the Company's current expectations. Factors that could cause or contribute to such differences include the risks and uncertainties described in “Risk Factors” and “Special Note Regarding Forward-Looking Statements” in our Annual Report on Form 10-K for the year ended December 31, 2019 as well as the possibility that the court may fail to approve the terms of the settlement. The Company assumes no obligation and does not intend to update the forward-looking statements provided, whether as a result of new information, future events or otherwise.
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