NEW YORK, NY / ACCESSWIRE / October 21, 2024 / Pomerantz LLP announces that a class action lawsuit has been filed against Acadia Healthcare Company, Inc. ("Acadia" or the "Company") (NASDAQ:ACHC). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
The class action concerns whether Acadia and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
You have until December 16, 2024, to ask the Court to appoint you as Lead Plaintiff for the class if you are a shareholder who purchased or otherwise acquired Acadia securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.
[Click here for information about joining the class action]
On Sunday, September 1, 2024, The New York Times published an article entitled "How a Leading Chain of Psychiatric Hospitals Traps Patients." Citing "records reviewed by The Times", the article reported that "Acadia has lured patients into its facilities and held them against their will, even when detaining them was not medically necessary" and that "[i]n at least 12 of the 19 states where Acadia operates psychiatric hospitals, dozens of patients, employees and police officers have alerted the authorities that the company was detaining people in ways that violated the law,"
On this news, Acadia's stock price fell $3.72 per share, or 4.54%, to close at $78.21 per share on September 3, 2024.
Then, on September 27, 2024, Acadia disclosed in a filing with the U.S. Securities and Exchange Commission ("SEC") that "[o]n September 24, 2024 [it] received a voluntary request for information from the United States 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[;]" that "Lakeland Hospital Acquisition, LLC, a subsidiary of Acadia, also received a grand jury subpoena from W.D. Mo. on the same day regarding similar subject matter[;]" and that "Acadia anticipates receiving similar document requests from the [SEC] and may receive additional document requests from other governmental agencies."
On this news, Acadia's stock price fell $12.38 per share, or 16.36%, to close at $63.28 per share on September 27, 2024.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
SOURCE: Pomerantz LLP