San Francisco, California–(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 claim the company misled them about its business practices, with the most recent lawsuit filed on December 10, 2024, extending the class period to begin on February 8, 2020 and end on October 30, 2024.
The extension came on the heels of Acadia's third-quarter 2024 earnings report and reduced fiscal year 2024 guidance, blaming same-store patient-day growth slowing to just 3% in October on “recent headlines and reports in the media.” The company also stated that it had received a subpoena from the Securities and Exchange Commission. As a result, Acadia's stock price fell by approximately 18% on October 31, 2024.
Hagens Berman urges Acadia Healthcare Company, Inc. ((NASDAQ:ACHC) Investors who have suffered significant losses to file their losses now.
Extended class period: February 8, 2020 – October 30, 2024
Lead Plaintiff Deadline: December 16, 2024
Visit: www.hbsslaw.com/investor-fraud/ACHC
Contact the company now: ACHC@hbsslaw.com
844-916-0895
Acadia Healthcare Company, Inc. Securities Class Actions (ACHC):
The lawsuits allege that Acadia made false or misleading statements about its operations, including:
- Reliance on detaining patients against their will, even when it is not medically necessary.
- Subjecting patients in its facilities to abuse.
- Defrauding insurance providers by billing unnecessary patient stays.
The lawsuits follow a series of developments that have raised significant concerns about Acadia's operations. The initial spark was a New York Times (New York Stock Exchange:) An investigation published on September 1, 2024, titled “How a Leading Chain of Psychiatric Hospitals Detains Patients.”
The situation escalated when, on September 27, 2024, Acadia disclosed receipt of 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. These investigations reportedly focused on Acadia's admission procedures, patient length of stay, and billing practices.
To further exacerbate the company's problems, on October 18, 2024, New York Times It reported that the Department of Veterans Affairs was investigating allegations that Acadia defrauded government health insurance programs by unnecessarily prolonging patients' stays.
Most recently, on October 30, 2024, Acadia announced its third-quarter 2024 earnings, lowering its fiscal 2024 guidance because same-store patient-day growth slowed to just 3% in October, which it further said “which we believe is a result of recent headlines.” And reports in the media.” The company also stated that it had received a subpoena from the Securities and Exchange Commission.
Since reporting began on Sept. 1, Acadia has lost nearly $3.8 billion in market value.
Equity firm Hagens Berman is investigating the alleged allegations. “Acadia Healthcare’s alleged actions, if proven true, not only harm vulnerable patients, but also put the interests of its investors at risk,” said Reed Katherine, a partner at Hagens Berman.
If you invested in Acadia Healthcare and suffered significant losses, or have knowledge that may assist in the company's investigation, submit your losses now »
If you would like more information and answers to frequently asked questions about the Acadia Healthcare case and our investigation, read more »
Whistleblowers: Persons with non-public information relating to Acadia Healthcare should consider their options to assist in the investigation or take advantage of the SEC's whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, contact Catherine Reed at 844-916-0895 Or email ACHC@hbsslaw.com.
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About Hagens Berman
Hagens Berman is a global, complex plaintiffs' rights litigation firm focused on corporate accountability. The firm is home to a robust 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 earned more than $2.9 billion in this area of law. More about the company and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
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