STEVENSON, Md., April 1, 2015 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Central District of California on behalf of purchasers of Appliance Recycling Centers of America, Inc. ("ARC" or the "Company") (Nasdaq: ARCI) common stock during the period between March 15, 2012 and February 11, 2015, inclusive (the "Class Period"). Investors who wish to become proactively involved in the litigation have until May 5, 2015 to seek appointment as lead plaintiff.

If you have suffered a loss from investment in ARC common stock purchased on or after March 15, 2012 and held through the revelation of negative information during and/or at the end of the Class Period, as described below, and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html. You may also request more information by contacting Brower Piven either by email at [email protected] or by telephone at (410) 415-6616. No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff.

If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the Class in the action.  The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Company common stock during the Class Period. Brower Piven also encourages anyone with information regarding the Company's conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.

The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that ARC's financial statements contained errors concerning sales tax related to its appliance replacement programs, and the Company lacked adequate internal controls over its financial reporting.

According to the complaint, following the Company's August 6, 2014 announcement that the California Board of Equalization ("BOE") was conducting an examination of sales and use taxes covering ARC's appliance replacement programs and the Company's February 11, 2015 announcement that it expects an assessment of at least $4 million from the BOE that will require it to restate its previously issued financial statement for the years ended December 28, 2013, December 29, 2012 and December 31, 2011, for the quarters in those years, and for the quarters ended March 29, June 28 and September 27, 2014, the value of ARC's shares declined significantly.

Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s.  If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.