SAN FRANCISCO, Calif.–(Newsfile Corp. – December 14, 2024) – Acadia Healthcare The company (NASDAQ: NASDAQ: ) is under fire as it faces a series of securities class action lawsuits. Investors allege the company misled them about its business practices, with the latest lawsuit filed on December 10, 2024 extending the class period from February 8, 2020 to October 30, 2024.
The expansion followed Acadia’s third-quarter 2024 earnings report and lowered 2024 financial guidance, blaming slower same-store patient day growth of just 3% in October “due to recent headlines and media reports.” The company also reported that it received a complaint from the SEC. In response, Acadia’s stock price fell approximately 18% on October 31, 2024.
Hagens Berman calls Acadia Healthcare Company, Inc.(NASDAQ: ACHC) Investors who have suffered significant losses, submit your losses now.
Extended class period: February 8, 2020 – October 30, 2024
Term of lead claimant: December 16, 2024
visit: www.hbsslaw.com/investor-fraud/ACHC
Contact the company now: ACHC@hbsslaw.com
844-916-0895
Acadia Healthcare Company, Inc. (ACHC) Securities Class Actions:
The lawsuit alleges Acadia made false or misleading statements about its operations, including:
- Rely on patients against their will, even when it was not medically necessary.
- abuse of patients in its facilities.
- Deceiving insurance providers by billing for unnecessary patient stays.
The lawsuit followed a series of events that raised significant concerns about Acadia’s operations. The initial spark was a New York Times (NYSE: The investigation, published on September 1, 2024, is titled How a Leading Psychiatric Hospital Chain Detains Patients.
The situation escalated when, on September 27, 2024, Acadia disclosed receipt of a subpoena from the US District Court for the Western District of Missouri, along with a request for information from the US Attorney’s Office for the Southern District of New York. Those investigations reportedly focused on Acadia’s admissions procedures, patient length of stay and billing practices.
Further aggravation of the company’s problems, on October 18, 2024, The New York Times reported that the Department of Veterans Affairs was investigating allegations that Acadia defrauded government health insurance programs by overextending patient stays.
Most recently, on Oct. 30, 2024, Acadia reported its third-quarter 2024 earnings, lowered its 2024 financial guidance as its same-store patient day growth slowed to just 3% in October, and went on to say, “What we believe is the last The result is headlines and media coverage.” The company also reported that it had received an SEC subpoena.
Since reporting began on Sept. 1, Acadia has lost about $3.8 billion in market value.
Shareholder rights firm Hagens Berman is investigating the alleged claims. “Acadia Healthcare’s alleged actions, if proven true, not only harm vulnerable patients, but also threaten the interests of its investors,” said Reid Kathryn, a partner at Hagens Berman.
If you invested in Acadia Healthcare and have a significant loss, or have knowledge that could help the firm’s investigation, report your loss now »
For more information and answers to frequently asked questions about the Acadia Healthcare case and our investigation, read more »
Whistleblowers: Individuals with nonpublic information regarding Acadia Healthcare should consider their options to assist in the investigation or take advantage of the SEC Whistleblower Program. Under the new program, whistleblowers who provide original information are eligible for awards of up to 30 percent of successful recoveries made by the SEC. For more information, call Reed Catherine at 844-916-0895 or email ACHC@hbsslaw.com.
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About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation firm focused on corporate accountability. The firm is home to a strong practice and represents investors as well as whistleblowers, workers, consumers and others in cases that achieve real results for those harmed by corporate negligence and other wrongdoing. The Hagens Berman team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
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