LOS ANGELES--(BUSINESS WIRE)--National class action law firm Glancy Prongay & Murray LLP (“GPM”) reminds investors of the December 3, 2018 deadline to file a lead plaintiff motion in the class action filed on behalf of investors that acquired Acadia Healthcare Company, Inc. (“Acadia” or the “Company”) (NASDAQ: ACHC) securities between February 23, 2017 and October 24, 2017, inclusive (the “Class Period”). Acadia investors have until December 3, 2018 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
On October 24, 2017, Acadia reported disappointing Q3 2017 results. Revenue for the quarter was only $716.7 million, compared to $734.7 million for the third quarter of 2016. The Company attributed the results, in part, to “lower census and higher operating costs than anticipated” in the United Kingdom. Acadia also reduced revenue guidance for fiscal year 2017 from “a range of $2.85 billion to $2.9 billion” to “a range of $2.82 billion to $2.83 billion.”
On this news, Acadia’s share price fell $11.44, or 25.9%, to close at $32.68 per share on October 25, 2017, thereby injuring investors.
The Complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business and operations. Specifically, the complaint alleges that Defendants falsely stated that the quality of Acadia’s U.K. operations gave it a “competitive strength” that would drive future growth and profitability; and that Defendants caused Acadia to issue false and misleading guidance regarding the Company’s actual and projected fiscal 2017 revenue, earnings before interest, taxes, depreciation and amortization (“EBITDA”) and earnings per share (“EPS”).
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If you purchased shares Acadia during the Class Period you may move the Court no later than December 3, 2018 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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