NEW ORLEANS--(BUSINESS WIRE)--Kahn Swick & Foti, LLC ("KSF") and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until December 16, 2024 to file lead plaintiff applications in securities class action lawsuits against Acadia Healthcare Company, Inc. (NasdaqGS: ACHC), if they purchased the Company’s securities between February 8, 2020 and October 30, 2024, inclusive (the “Class Period”). These actions are pending in the United States District Court for the Middle District of Tennessee.
What You May Do
If you purchased securities of Acadia as above and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (lewis.kahn@ksfcounsel.com), or visit https://www.ksfcounsel.com/cases/nasdaqgs-achc/ to learn more. If you wish to serve as a lead plaintiff in this class action by overseeing lead counsel with the goal of obtaining a fair and just resolution, you must request this position by application to the Court by December 16, 2024.
About the Lawsuits
Acadia and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On September 27, 2024, the Company disclosed the receipt of a voluntary request for information from the U. S. 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.” On this news, the price of Acadia’s shares fell by $12.38 per share, or 16.36%, to close at $63.28 on September 27, 2024. Then, on October 30, 2024, the Company disclosed that it had lowered its full-year 2024 revenue outlook to a range of $3.15 to $3.165 billion and its full-year 2024 adjusted EBITDA to a range of $725 to $735 million due in part to slower same-store patient day growth of only 3% in the month of October. On this news, the price of Acadia’s shares fell by more than 18%, from a closing price of $52.08 per share on October 30, 2024, to a closing price of $42.69 per share on October 31, 2024.
The first-filed case is Kachrodia v. Acadia Healthcare Company, Inc., No. 24-cv-01238. A subsequent case, City of Fort Lauderdale Police and Firefighters Retirement System v. Acadia Healthcare Company, Inc., No. 24-cv-01447, expanded the class period.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, Delaware, California, Louisiana, Chicago and New Jersey.
To learn more about KSF, you may visit www.ksfcounsel.com.
