NEW YORK--(BUSINESS WIRE)--Scott+Scott Attorneys at Law LLP (“Scott+Scott”), a national securities and consumer rights litigation firm, is notifying investors that a class action lawsuit has been filed against Acadia Healthcare Company, Inc. (NASDAQ: ACHC) (“Acadia” or the “Company”) and other defendants, related to alleged violations of federal securities laws. If you purchased Acadia securities between February 23, 2017 and October 24, 2017, or in connection with the August 22, 2017 public offering, you are encouraged to contact a Scott+Scott attorney at (844) 818-6982 for additional information.
Acadia is one of largest publicly traded behavioral health care companies in the country.
The lawsuit claims that defendants made materially false and/or misleading statements and/or failed to disclose that (a) the quality of Acadia’s U.K. operations did not give the Company a “competitive strength” which would drive future growth and profitability; and (b) defendants lacked a reasonable basis for their positive statements about the Company’s business and financial prospects during the Class Period, including their guidance issued and reaffirmed throughout the Class Period.
On October 24, 2017, Acadia issued a press release entitled “Acadia Healthcare Reports Third Quarter Financial Results; Produces U.S. Same Facility Revenue Growth of 6.3%; Revises 2017 Financial Guidance.” In the press release, the Company disclosed, for the first time, that its struggling U.K. facilities had missed the forecasts that defendants had stated to investors would be met throughout the year. The press release also reduced the Company’s recently reaffirmed fiscal year 2017 guidance.
On this news, shares of Acadia fell $11.44 – nearly 26% – from its close price of $44.12 on October 24, 2017, to close at $32.68 on October 25, 2017.
What You Can Do
If you purchased Acadia securities between February 23, 2017 and October 24, 2017, or in connection with the August 22, 2017 public offering, or if you have questions about this notice or your legal rights, please contact attorney Joe Pettigrew at (844) 818-6982, or at jpettigrew@scott-scott.com. Investors have until May 14, 2018, to move for lead plaintiff.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.
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