Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Middle District of Tennessee on behalf of shareholders of Acadia Healthcare Company, Inc. who purchased shares between February 28, 2020 and October 18, 2024.
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.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until December 16, 2024 to request that the court appoint them lead plaintiff.