NEWTOWN, Pa., Oct. 23, 2024 (GLOBE NEWSWIRE) -- Edelson Lechtzin LLP, a leading class action law firm, announces the filing of a securities fraud class action on behalf of all purchasers of Acadia Healthcare Company (NASDAQ: ACHC) between February 28, 2020, and September 26, 2024, inclusive (the “Class Period”). To join this case, go HERE.
Investors who purchased Acadia Healthcare stock during the Class Period may move the U.S. District Court for the Middle District of Tennessee to appoint them as lead plaintiffs no later than December 16, 2024. Please contact Edelson Lechtzin LLP to discuss joining this case at 844-696-7492, or by e-mail at elechtzin@edelson-law.com.
Background on Acadia Healthcare Company
Based in Franklin, Tennessee, Acadia Healthcare is a for-profit provider of behavioral healthcare services with over 225 facilities across the United States.
The Securities Fraud Claims.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements pertaining to the Company’s business, operations, and prospects, including that: (i) Acadia Healthcare’s business model centered on holding vulnerable people against their will in its facilities, including in cases where it was not medically necessary to do so; (ii) while in Acadia Healthcare facilities, many patients were subjected to abuse; (iii) Acadia Healthcare deceived insurance providers into paying for patients to stay in its facilities when it was not medically necessary.
On September 1, 2024, The New York Times published an article titled “How a Leading Chain of Psychiatric Hospitals Traps Patients.” On this news, the price of Acadia Healthcare stock fell $3.72 per share, or 4.5%, to close at $78.21 per share on September 3, 2024.
On September 27, 2024, Acadia Healthcare filed a report on Form 8-K with the SEC, reporting that on September 24, 2024, it received a voluntary request for information from the U.S. Attorney’s Office for the Southern District of New York and a grand jury subpoena from the U.S. District Court for the Western District of Missouri concerning its admissions, length of stay, and billing practices. On this news, the price of Acadia Healthcare stock fell by $12.38 per share, or 16.36%, to close at $63.28 on September 27, 2024.
For more information, please contact:
Marc H. Edelson, Esq.
Eric Lechtzin, Esq.
EDELSON LECHTZIN LLP
411 S. State Street, Suite N-300
Newtown, PA 18940
Phone: 844-696-7492 or 215-867-2399 ext. 1
Email: medelson@edelson-law.com
Email: elechtzin@edelson-law.com
Web: www.edelson-law.com
Edelson Lechtzin LLP is a leading class action law firm with offices in Pennsylvania and California. In addition to cases involving securities and investment fraud, our lawyers focus on class and collective litigation in cases alleging violations of the federal antitrust laws, employee benefit plans under ERISA, wage theft and unpaid overtime, consumer fraud, and dangerous and defective drugs and medical devices.
This press release may be considered Attorney Advertising in some jurisdictions. No class has been certified in this case, so counsel does not represent you unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing now. Your ability to share in any potential future recovery does not depend on serving as lead plaintiff.
