A significant shareholder of the Brentwood-based addiction treatment company American Addiction Centers has become an active investor.
According to a recent regulatory filing, the California investor Steven Lebowitz plans to become actively engaged with the company.
That could include talking with management, creating plans to improve operations or investigating strategic alternatives, but the filing doesn’t call for any specific changes.
Lebowitz first become a significant, passive AAC investor in December 2018, controlling about 1.2 million shares or about 5% of AAC’s common stock. By February 2019, Lebowitz had increased his stake to nearly 1.4 million shares.
The most recent regulatory filing shows that Lebowitz now owns about 2.25 million shares, representing about 8.9% of AAC’s common stock.
The filing lists Lebowitz’s primary business as the management of real estate, including operation of medical office buildings, nursing homes and mental health facilities.
AAC’s stock was trading for about $0.60 midday on Friday. The stock price has fallen by about 80% since February 2019.