NEW ORLEANS, Nov. 06, 2024 (GLOBE NEWSWIRE) -- ClaimsFiler, a FREE shareholder information service, reminds investors that they have until December 16, 2024 to file lead plaintiff applications in a securities class action lawsuit against Acadia Healthcare Company, Inc. (NasdaqGS: ACHC), if they purchased the Company’s securities between February 28, 2020 and October 18, 2024, inclusive (the “Class Period”). This action is pending in the United States District Court for the Middle District of Tennessee.
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Acadia Healthcare investors should visit us at https://claimsfiler.com/cases/nasdaq-achc-1/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.
About the Lawsuit
Acadia and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On September 27, 2024, the Company disclosed the receipt of a voluntary request for information from the U. S. Attorney’s Office for the Southern District of New York as well as a grand jury subpoena from the United States District Court for the Western District of Missouri “related to its admissions, length of stay and billing practices.” On this news, the price of Acadia’s shares fell by $12.38 per share, or 16.36%, to close at $63.28 on September 27, 2024. Then, on October 18, 2024, The New York Times published a report entitled “Veterans Dept. Investigating Acadia Healthcare for Insurance Fraud” that highlighted claims regarding the Company’s billing and patient holding and discharge practices. On this news, the price of Acadia’s shares fell by $7.29 per share, or 12.28%, to close at $52.03 on October 18, 2024.
The case is Kachrodia v. Acadia Healthcare Company, Inc., No. 24-cv-01238.
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