SAN FRANCISCO, Dec. 15, 2024 (Globe Newswire) — Acadia Healthcare Company (NASDAQ: ACHC) is under fire as it faces a series of securities class action lawsuits. Investors claim the company misled investors about its business practices, and the latest lawsuit was filed on December 10, 2024, with the class period beginning February 8, 2020 and ending in 2024. It has been extended to end on October 30th.
The extension follows Acadia's third-quarter 2024 earnings report, which blamed “recent media headlines and coverage” for same-store daily patient growth of just 3% in October, and projected fiscal 2024 results. was lowered. The company also reported receiving a subpoena from the SEC. Correspondingly, the price of Acadia shares fell approximately 18% on October 31, 2024.
Hagens Berman is urging Acadia Healthcare Company (NASDAQ:ACHC) investors who suffered significant losses to report their losses now.
Expanded class period: February 8, 2020 to October 30, 2024
Lead Plaintiff Deadline: December 16, 2024
Access: www.hbsslaw.com/investor-fraud/ACHC
Contact us today: ACHC@hbsslaw.com
844-916-0895
Acadia Healthcare Company, Inc. (ACHC) Securities Class Action Lawsuit:
The lawsuit alleges that Acadia made false and misleading statements about its business, including:
Relying on restraining patients against their will even when it is not medically necessary. Subjecting patients to abuse in facilities. Defrauding insurance companies by charging for unnecessary patient hospitalizations.
The lawsuit follows a series of developments that have raised serious concerns about Acadia's operations. The first impetus was a New York Times investigation published on September 1, 2024, titled “How Major Psychiatric Hospital Chains Entrap Their Patients.”
The situation took a further turn on September 27, 2024, when Acadia disclosed that it had received a subpoena from the U.S. District Court for the Western District of Missouri, along with a request for information from the U.S. Attorney's Office for the Southern District of New York. It escalated. These investigations reportedly focused on Acadia's admission procedures, patient length of stay, and billing practices.
Compounding the company's problems, on October 18, 2024, the New York Times reported that the Department of Veterans Affairs accused Acadia of defrauding government health insurance programs by unnecessarily prolonging patients' hospitalizations. It is reported that the matter is being investigated.
Most recently, on October 30, 2024, Acadia released its third-quarter 2024 earnings and lowered its outlook for fiscal 2024 as same-store patient day growth slowed to just 3% in October, adding: “We believe this is a result of recent headlines and news.” Report it in the media. ” The company also reported receiving a subpoena from the SEC.
Since reporting began on Sept. 1, Acadia has shaved about $3.8 billion off its market value.
Shareholder rights firm Hagens Berman is investigating the allegations. “If Acadia Healthcare's alleged actions prove true, they not only harm vulnerable patients, but also jeopardize the interests of investors,” said Hagens Berman partner Reid Catherine. I will do it,” he said.
If you invested in Acadia Healthcare and suffered significant losses, or if you have knowledge that could help us investigate the company, please submit your losses now. »
For more information and answers to frequently asked questions about the Acadia Healthcare case and our investigation, learn more »
Whistleblowers: Anyone with nonpublic information about Acadia Healthcare should consider the options of cooperating with the investigation or taking advantage of the SEC Whistleblower Program. Under the new program, whistleblowers who provide unique information can receive a reward of up to 30 percent of the amount of a successful recovery by the SEC. For more information, please call Reed Kathrein at 844-916-0895 or email ACHC@hbsslaw.com.
About Hagen's Berman
Hagens Berman is a global plaintiffs' rights complex litigation firm focused on corporate accountability. Our firm is home to a solid practice, representing investors, whistleblowers, workers, consumers, and others in litigation, achieving substantial results for those harmed by corporate negligence and other wrongdoing. is bringing about. Hagens Berman's team has secured more than $2.9 billion in this area of law. To learn more about the firm and its success, visit hbsslaw.com. Follow the company at @ClassActionLaw for updates and news.
contact:
Reid Catherine, 844-916-0895
