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Acadia Healthcare Company Inc (NASDAQ: ACHC) Investor Securities Class Action Lawsuit 10/02/2018

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Lawsuit Overview

Company
Acadia Healthcare Company Inc
Security
NASDAQ: ACHC

Case Name
Acadia Healthcare Shareholder Class Action Lawsuit 10/02/2018
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Middle District of Tennessee

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Summary

October 2, 2018 - An investor in shares of Acadia Healthcare Company Inc (NASDAQ: ACHC) filed a lawsuit in the U.S. District Court for the Middle District of Tennessee over alleged violations of Federal Securities Laws by Acadia Healthcare Company Inc in connection with certain allegedly false and misleading statements made between February 23, 2017 and October 24, 2017.

On October 24, 2017, Acadia Healthcare Company announced its financial results for the third quarter of 2017. The Company revealed a drastic shortfall in EBITDA for its U.K. facilities, purportedly resulting from “lower census and higher operating costs,” and lowered its financial guidance for 2017, including lowering its EPS guidance as much as $0.24 per share.

Shares of Acadia Healthcare Company Inc (NASDAQ:ACHC) declined from $45.27 per share on October 20, 2017 to as low as $28.24 per share on November 14, 2017.

According to the complaint the plaintiff alleges on behalf of purchasers of Acadia Healthcare Company Inc (NASDAQ: ACHC) common shares between February 23, 2017 and October 24, 2017, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between February 23, 2017 and October 24, 2017, the defendants made materially false and misleading statements regarding Acadia’s business and operations, including by falsely stating that the quality of Acadia’s U.K. operations gave it a “competitive strength” that would drive future growth and profitability, and by issuing false and misleading guidance regarding the Company’s actual and projected 2017 revenue, earnings before interest, taxes, depreciation and amortization (“EBITDA”) and earnings per share (“EPS”), and that as a result of defendants’ false statements, Acadia stock traded at artificially inflated prices of more than $52 per share February 23, 2017 and October 24, 2017, and that while Acadia stock was trading at these allegedly artificially inflated prices, the Company’s CEO and President sold 706,000 shares of their Acadia stock for proceeds of more than $35 million.