NEW YORK - 
(NewMediaWire) - October 31, 2024 - Kaplan Fox & Kilsheimer LLP announces that a class action lawsuit has been filed against Acadia Healthcare Company, Inc. (“Acadia” or the “Company”) (NASDAQ: ACHC) securities between February 28, 2020 and October 18, 2024 (the “Class Period”).
DEADLINE REMINDER: If you are a member of the proposed Class, you may move the court no later than December 16, 2024 to serve as a lead plaintiff for the purported class. If you have losses we encourage you to contact us to learn more about the lead plaintiff process.
On Sunday September 1, 2024, The New York Times published an article entitled “How a Leading Chain of Psychiatric Hospitals Traps Patients.” The article reports that an investigation by The New York Times found that “Acadia has lured patients into its facilities and held them against their will, even when detaining them was not medically necessary.”
On this news, the price of Acadia stock fell $3.72 per share, or 4.5%, to close at $78.21 per share on September 3, 2024, the first trading day following the news.
Then, on September 27, 2024, before the market opened the Company announced in a Form 8-K filing with the Securities and Exchange Commission that 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.” The Company also “anticipates receiving similar document requests from the U.S. Securities and Exchange Commission and may receive additional document requests from other governmental agencies.”
On this news, the price of Acadia stock fell $12.38 per share, over 16%, to close at $63.28 per share on September 27, 2024.
On October 18, 2024, The New York Times published an article entitled “Veterans Dept. Investigating Acadia Healthcare for Insurance Fraud.” The article states that “[t]he Veterans Affairs Department is investigating whether Acadia . . . is defrauding government health insurance programs by holding patients longer than is medically necessary[.]” The article also states that “[s]everal former Acadia employees in Georgia and Missouri have also recently been interviewed by agents from the F.B.I. and the inspector general’s office of the Health and Human Services Department.”
On this news, the price of Acadia stock fell $7.29 per share, over 12%, to close at $52.03 per share on October 18, 2024.
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CONTACT:
Jeffrey P. Campisi
KAPLAN FOX & KILSHEIMER LLP
800 Third Avenue, 38th Floor
New York, New York 10022
(212) 329-8571
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
lking@kaplanfox.com
