NEW YORK, Nov. 24, 2024 (GLOBE NEWSWIRE) — Leading securities law firm Breichmer Fonti & Auld LLP has filed a lawsuit against Acadia Healthcare Company, Inc. (NASDAQ: ACHC) and certain of its senior executives. I announced what happened.
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.
Investors have until December 16, 2024 to ask the court to be appointed to lead the case. The complaint asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of investors in Acadia Healthcare's securities. The case is pending in the United States District Court for the Middle District of Tennessee and is entitled Dyar v. Acadia Healthcare Company, Inc., No. 3:24-cv-01300. The lawsuit can be viewed here: https://www.bfalaw.com/siteFiles/Cases/Acadia_Dyar_Complaint.pdf
What is a lawsuit?
Acadia is one of the largest chains of for-profit psychiatric hospitals in the United States. The complaint alleges that during the period, the company falsely reported that its results were affected by insurance fraud and confining vulnerable people in facilities against their will, including when it was not medically necessary. .
On September 1, 2024, the New York Times published an article titled “How Major Psychiatric Hospital Chains Entrap Patients.” The New York Times' investigation found that part of its success was built on a disturbing practice: Acadia lured patients to its facilities, even if medically detainable Patients were held against their will even when it was not necessary.'' Following this news, the price of Acadia stock decreased by $3.72 per share, or 4.5%, to close at $78.21 per share on September 3, 2024.
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. reports from the U.S. Securities and Exchange Commission related to our patient admissions, length of stay, and billing practices; This news caused a significant 16% decline in the price of Acadia stock, from $75.66 per share on September 26, 2024 to $63.28 per share on September 27, 2024.
Then, on October 18, 2024, the New York Times published an article entitled “Department of Veterans Affairs Investigates Insurance Fraud at Acadia Healthcare,” stating that the Department of Veterans Affairs had accused Acadia of holding patients for longer than required. The company said it is investigating whether it defrauds government health insurance programs. medically necessary. The New York Times said several former Acadia employees in Georgia and Missouri are also being questioned by officials from the FBI and the Department of Health and Human Services' Office of Inspector General. This news caused a significant 12% decline in the price of Acadia stock, from $59.32 per share on October 17, 2024 to $52.03 per share on October 18, 2024.
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 a Titans of Plaintiffs' Lawyers by Law360 and a SuperLawyers by Thompson Reuters. Among recent notable successes, BFA has recovered over $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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