SAN DIEGO, Nov. 25, 2024 (GLOBE NEWSWIRE) — Robbins LLP reminds investors that a class action was filed on behalf of all investors and entities that purchased or otherwise acquired Acadia Healthcare Company (NASDAQ: ACHC) securities between February 28, 2020 and September 26, 2024. Acadia is a leading provider of behavioral healthcare services across the United States.
For more information, submit a form, email attorney Aaron Dumas, Jr., or give us a call at (800) 350-6003.
The Allegations: Robbins LLP is Investigating Allegations that Acadia Healthcare Company (ACHA) Held Patients Against Their Will
According to the complaint, during the class period, defendants made false and/or misleading statements and/or failed to disclose that: (1) 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; (2) while in Acadia Healthcare facilities, many patients were subjected to abuse; and (3) 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 entitled “How a Leading Chain of Psychiatric Hospitals Traps Patients.” The article noted that “Acadia has lured patients into its facilities and held them against their will, even when detaining them was not medically necessary” and detailed specific patient experiences. 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.
Then, on September 27, 2024, Acadia Healthcare disclosed, among other things, that on September 24, 2024, 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 (W.D.Mo.) related to its admissions, length of stay and billing practices.” On this news, the price of Acadia Healthcare stock fell by $12.38 per share, or 6.36%, to close at $63.28 on September 27, 2024.
What Now: You may be eligible to participate in the class action against Acadia Healthcare Company. Shareholders who want to serve as lead plaintiff for the class must submit their application to the court by December 16, 2024. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
About Robbins LLP: Some law firms issuing releases about this matter do not actually litigate securities class actions; Robbins LLP does. A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. Since our inception, we have obtained over $1 billion for shareholders.
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