Faruqi & Faruqi, LLP’s Securities Litigation Partner urges Acadia Healthcare investors with losses over $$100,000 to contact him for consultation.
Investors who incurred losses exceeding $$100,000 between February 28, 2020 and October 18, 2024 are encouraged to contact Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310) to discuss their legal options.
NEW YORK, Nov. 30, 2024 — Faruqi & Faruqi, LLP, a prominent national securities law firm, is investigating potential claims against Acadia Healthcare Company, Inc. (“Acadia Healthcare” or the “Company”) (NASDAQ: ACHC). Investors are reminded of the December 16, 2024 deadline to apply for lead plaintiff status in a filed federal securities class action.
Faruqi & Faruqi, a leading national securities law firm with offices in New York, Pennsylvania, California, and Georgia, has recovered hundreds of millions of dollars for investors since 1995. See .
The complaint alleges that the Company and its executives violated federal securities laws through false and/or misleading statements and/or omissions. Specifically, it is alleged that: (1) Acadia Healthcare’s business model improperly detained vulnerable individuals; (2) patients experienced abuse within Acadia Healthcare facilities; (3) Acadia Healthcare misled insurers regarding medically unnecessary patient stays; and (4) consequently, defendants’ statements about business, operations, and prospects were materially false and misleading or lacked reasonable basis. The suit claims investors suffered damages due to these revelations.
On Sunday, September 1, 2024, The New York Times published an article, “How a Leading Chain of Psychiatric Hospitals Traps Patients,” detailing Acadia Healthcare’s allegedly unlawful detention practices and resulting legal challenges across multiple states.
Following this article, Acadia Healthcare stock declined by 4.5% on September 3, 2024.
On September 27, 2024, Acadia Healthcare filed a current report with the U.S. Securities and Exchange Commission (“SEC”), disclosing a 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, related to admissions, length of stay, and billing practices. The report indicated anticipation of similar requests from the SEC and potentially other agencies.
This announcement caused a 16.36% drop in Acadia Healthcare stock on September 27, 2024.
The court will appoint the lead plaintiff based on the largest financial interest and representativeness of the class. Class members may apply for lead plaintiff status through their chosen counsel or remain an absent member. Participation in any recovery is unaffected by this decision.
Faruqi & Faruqi, LLP also encourages anyone with information relevant to Acadia Healthcare’s conduct, including whistleblowers, former employees, shareholders, and others, to contact the firm.
For more information on the Acadia Healthcare class action, visit or call Faruqi & Faruqi partner Josh Wilson at 877-247-4292 or 212-983-9330 (Ext. 1310).
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