NEW YORK, Oct. 27, 2024 (GLOBE NEWSWIRE) — Bleichmar Fonti & Auld LLP, a leading securities law firm, has filed a lawsuit against Acadia Healthcare Company, Inc. (NASDAQ: ACHC) and certain of its senior executives. I announced what had 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 in charge of the litigation. This complaint asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of investors in DexCom securities. The case is pending in the United States District Court for the Middle District of Tennessee and is entitled “Kachrodia v. Acadia Healthcare Company, Inc., et al., No. 24-cv-01238.”
What is a lawsuit?
The complaint alleges that Acadia is one of the largest chains of for-profit psychiatric hospitals in the United States. The complaint further alleges that during the period, the company falsely reported that its results were affected by insurance fraud and the confinement of vulnerable people in facilities against their will, including when it was not medically necessary. claims.
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 disturbing practices. Patients were detained 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.
Then, on September 27, 2024, Acadia disclosed that it had received a request for information from the United States Attorney's Office for the Southern District of New York and a grand jury subpoena from the United States District Court for the Western District of Missouri. Similar requests from the U.S. Securities and Exchange Commission relate 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.
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 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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