Archived Investigations
Acadia Healthcare Company, Inc. (NasdaqGS: ACHC)
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 30, 2024, the Company disclosed that it had lowered its full-year 2024 revenue outlook to a range of $3.15 to $3.165 billion and its full-year 2024 adjusted EBITDA to a range of $725 to $735 million due in part to slower same-store patient day growth of only 3% in the month of October.
On this news, the price of Acadia’s shares fell by more than 18%, from a closing price of $52.08 per share on October 30, 2024, to a closing price of $42.69 per share on October 31, 2024.
The first-filed case is Kachrodia v. Acadia Healthcare Company, Inc., No. 24-cv-01238. A subsequent case, City Of Fort Lauderdale Police And Firefighters Retirement System v. Acadia Healthcare Company, Inc., No. 24-cv-01447, expanded the class period.