BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces an investigation on behalf of Acadia Healthcare Company, Inc. (“Acadia Healthcare” or the “Company”) (NASDAQ: ACHC) investors concerning the Company’s possible violations of federal securities laws.
On Sunday, September 1, 2024, The New York Times published an article titled “How a Leading Chain of Psychiatric Hospitals Traps Patients.” The report revealed that though the “[C]ompany’s revenue has soared,” “some of that success was built on a disturbing practice: Acadia has lured patients into its facilities and held them against their will, even when detaining them was not medically necessary.” According to The New York Times report, “in at least 12 of the 19 states where Acadia operates psychiatric hospitals, dozens of patients, employees, and police officers have alerted the authorities that the company was detaining people in ways that violated the law.”
On this news, Acadia Healthcare’s stock price fell $3.72, or 4.5%, to close at $78.21 per share on September 3, 2024, thereby injuring investors.
Then, on September 27, 2024, the Company revealed it had “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.”
On this news, Acadia Healthcare’s stock price fell $12.38, or 16.36%, to close at $63.28 per share on September 27, 2024, thereby injuring investors.
If you purchased Acadia Healthcare securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847 or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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