NEW YORK, Oct. 5, 2024 (GLOBE NEWSWIRE) — Leading securities law firm Breichmer Fonti & Auld LLP announces that it will investigate Acadia Healthcare Company (NASDAQ: ACHC) for possible violations of federal securities laws.
If you have invested in Acadia Healthcare, we encourage you to visit https://www.bfalaw.com/cases-investigations/acadia-healthcare-company-inc for additional information.
Why did Acadia Healthcare's stock price fall?
Acadia is one of the largest chains of for-profit psychiatric hospitals in the United States.
On September 27, 2024, Acadia announced that it had received a request for information from the U.S. Attorney's Office for the Southern District of New York and a grand jury subpoena from the U.S. District Court for the Western District of Missouri, and that it expected similar requests. revealed. The U.S. Securities and Exchange Commission filed a report related to the company's patient intake, length of stay, and billing practices. Acadia's disclosure comes in response to allegations by the U.S. Department of Justice that the company knowingly submitted false claims to Medicare and Medicaid for non-medically necessary inpatient behavioral services from 2014 to 2017. The move came a day after the company announced it had agreed to pay $19.85 million. They admitted patients who were ineligible for treatment and failed to appropriately discharge patients who no longer needed treatment. Additionally, on September 1, 2024, the New York Times published an investigative report that revealed that many of Acadia's illegal activities from 2014 to 2017 are still ongoing.
The news sent the price of Acadia stock plummeting. In morning trading on September 27, 2024, the price of Acadia stock fell more than 17%.
Click here for more information: https://www.bfalaw.com/cases-investigations/acadia-healthcare-company-inc.
What can you do?
If you have invested in Acadia Healthcare, we encourage you to submit information to the company as you may have legal options. All representation is done on a contingency fee basis and is free of charge. Stockholders are not responsible for legal fees or costs. The company plans to seek court approval for potential fees and costs.
Please visit below to submit your information.
https://www.bfalaw.com/cases-investigations/acadia-healthcare-company-inc
Alternatively, please contact us at:
Ross Sikowitz
ross@bfalaw.com
212-789-3619
Why choose Bleichmar Fonti & Auld LLP?
Bleichmar Fonti & Auld LLP is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. The firm was named a Top 5 Plaintiffs' Law Firm by ISS SCAS in 2023, and its attorneys were named Titans of Plaintiffs' Lawyers by Law360 and SuperLawyers by Thompson Reuters. Among recent notable successes, BFA recovered more than $900 million in value from the board of directors of Tesla, Inc. (pending court approval) and $420 million from Teva Pharmaceutical Ind. Ltd. Recovered.
For more information about BFA and its attorneys, please visit https://www.bfalaw.com.
https://www.bfalaw.com/cases-investigations/acadia-healthcare-company-inc
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