SAN DIEGO & FRANKLIN, Tenn.--(BUSINESS WIRE)--Shareholder rights law firm Robbins Arroyo LLP announces that purchasers of Acadia Healthcare Company (NASDAQGS: ACHC) have filed a class action complaint against the company's officers and directors for alleged violations of the Securities Exchange Act of 1934 between February 23, 2017 and October 24, 2017. Acadia operates inpatient and outpatient psychiatric facilities to support behavioral health and recovery needs in the United States, United Kingdom ("U.K."), and Puerto Rico.
View this information on the law firm's Shareholder Rights Blog: www.robbinsarroyo.com/acadia-healthcare-co
Acadia Accused of Making Materially False and Misleading Statements to Investors Regarding Its Business and Operations
According to the complaint, Acadia materially misled the investing public, which had the effect of inflating the prices of Acadia's securities. Beginning on February 23, 2017, Acadia represented in its public filings and press releases that it was "the leading independent provider of mental health services in the U.K." and that "[f]avorable industry and legislative trends" gave the company a "competitive strength," which would drive future growth and profitability. Acadia further misrepresented the extent of the company's actual and projected 2017 revenue, earnings before interest, taxes, depreciation and amortization ("EBITA") and earnings per share ("EPS"). With Acadia's stock artificially inflated, its officers and directors sold over $143 million worth of Acadia stock through a continuous offering process. On October 24, 2017, Acadia announced its financial results for the third quarter 2017, which revealed a drastic shortfall in EBITA for its U.K. facilities and a lowered financial guidance for 2017, including EPS. As a result, Acadia's stock plunged 26% on October 25, 2017, on extremely high volume.
Acadia Shareholders Have Legal Options
If you would like more information about your rights and potential remedies, contact attorney Leonid Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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