Investigations
Acadia Healthcare Company, Inc.
Overview
Overview
- Deadline:
- Upcoming
| Company Name: | Company Name: Acadia Healthcare Company, Inc. |
| Stock Symbol: | Stock Symbol: ACHC |
Acadia Healthcare Company, Inc. (NASDAQ: ACHC): Acadia is being investigated for violations of the federal securities laws in connection with potential false and misleading statements made to investors and a subsequent significant price decline in the stock.
If you incurred losses on your investments in Acadia, you are encouraged to submit your information.
Why is Acadia being Investigated?
Acadia is one of the largest for-profit chains of psychiatric hospitals in the United States.
On September 27, 2024, Acadia disclosed that it received a request for information from the U.S. Attorney’s Office for the Southern District of New York, a grand jury subpoena from the U.S. District Court for the Western District of Missouri, and that it expects similar requests from the U.S. Securities and Exchange Commission related to the company’s patient admissions, as well as its length of stay and billing practices. Acadia’s disclosure came one day after the U.S. Justice Department announced that Acadia had agreed to pay $19.85 million to settle allegations that between 2014 and 2017, the company knowingly submitted false claims for payment to Medicare and Medicaid for inpatient behavioral services that were not medically necessary, admitted patients ineligible for treatment, and failed to properly discharge patients when they no longer needed treatment. Additionally, on September 1, 2024, The New York Times published an investigative report which found that many of the illicit practices Acadia engaged in between 2014 and 2017 continue to this day.
The Stock Declines as the Truth is Revealed
The news has caused a precipitous decline in the price of Acadia stock. During morning trading on September 27, 2024, the price of Acadia stock declined more than 17%.
What are my Rights?
If you incurred losses on your investments in Acadia, you are encouraged to submit your information to speak with an attorney about your rights.
You can also contact:
Ross Shikowitz
ross@bfalaw.com
212-789-3619
All representation is on a contingency fee basis. Shareholders are not responsible for any court costs or expenses of litigation. The Firm will seek court approval for any potential fees and expenses.
Why Bleichmar Fonti & Auld LLP?
BFA is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It was named among the Top 5 plaintiff law firms by ISS SCAS in 2023 and its attorneys have been named Titans of the Plaintiffs’ Bar by Law360 and SuperLawyers by Thompson Reuters. Among its recent notable successes, BFA recovered over $900 million in value from Tesla, Inc.’s Board of Directors (pending court approval), as well as $420 million from Teva Pharmaceutical Ind. Ltd.
Attorney advertising. Past results do not guarantee future outcomes.
If you incurred losses on your investments in Acadia, you are encouraged to submit your information.
Why is Acadia being Investigated?
Acadia is one of the largest for-profit chains of psychiatric hospitals in the United States.
On September 27, 2024, Acadia disclosed that it received a request for information from the U.S. Attorney’s Office for the Southern District of New York, a grand jury subpoena from the U.S. District Court for the Western District of Missouri, and that it expects similar requests from the U.S. Securities and Exchange Commission related to the company’s patient admissions, as well as its length of stay and billing practices. Acadia’s disclosure came one day after the U.S. Justice Department announced that Acadia had agreed to pay $19.85 million to settle allegations that between 2014 and 2017, the company knowingly submitted false claims for payment to Medicare and Medicaid for inpatient behavioral services that were not medically necessary, admitted patients ineligible for treatment, and failed to properly discharge patients when they no longer needed treatment. Additionally, on September 1, 2024, The New York Times published an investigative report which found that many of the illicit practices Acadia engaged in between 2014 and 2017 continue to this day.
The Stock Declines as the Truth is Revealed
The news has caused a precipitous decline in the price of Acadia stock. During morning trading on September 27, 2024, the price of Acadia stock declined more than 17%.
What are my Rights?
If you incurred losses on your investments in Acadia, you are encouraged to submit your information to speak with an attorney about your rights.
You can also contact:
Ross Shikowitz
ross@bfalaw.com
212-789-3619
All representation is on a contingency fee basis. Shareholders are not responsible for any court costs or expenses of litigation. The Firm will seek court approval for any potential fees and expenses.
Why Bleichmar Fonti & Auld LLP?
BFA is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It was named among the Top 5 plaintiff law firms by ISS SCAS in 2023 and its attorneys have been named Titans of the Plaintiffs’ Bar by Law360 and SuperLawyers by Thompson Reuters. Among its recent notable successes, BFA recovered over $900 million in value from Tesla, Inc.’s Board of Directors (pending court approval), as well as $420 million from Teva Pharmaceutical Ind. Ltd.
Attorney advertising. Past results do not guarantee future outcomes.