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Acadia Healthcare Company Inc (NASDAQ:ACHC) Investor Securities Class Action Lawsuit 03/14/2018

  • If you purchased shares of Acadia Healthcare Company Inc (NASDAQ:ACHC), you may have certain options. Please contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
Acadia Healthcare Company Inc
Security
NASDAQ: ACHC

Case Name
Acadia Healthcare Shareholder Class Action Lawsuit 03/14/2018
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Middle District of Tennessee

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Summary

January 21, 2021 - The court denied the defendants' motion to dismiss.

May 31, 2019 - A motion to dismiss the consolidated complaint was filed.

April 1, 2019 - A consolidated complaint was filed.

March 14, 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.

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, including in connection with an August 22, 2017 public offering, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between February 23, 2017 and October 24, 2017, Acadia, certain of its officers and directors and an underwriter of the Offering violated the Securities Exchange Act of 1934 and/or the Securities Act of 1933. The plaintiff alleges that between February 23, 2017 and October 24, 2017, the defendants made numerous materially false and misleading statements and omissions to investors regarding Acadia’s business and operations, including by falsely stating that the quality of its U.K. operations gave the Company a “competitive strength,” which 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”).

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.