DENVER--(BUSINESS WIRE)--Shuman Glenn & Stecker announces that it is investigating potential shareholder claims against certain officers and directors of Acadia Healthcare Company, Inc. (“Acadia” or the “Company”) (Nasdaq: ACHC). Acadia owns and operates inpatient and outpatient healthcare facilities in the U.S., U.K. and Puerto Rico.
The Firm’s investigation relates to allegations raised in a class action lawsuit filed against Acadia and certain of its senior officers and directors. The lawsuit alleges that 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. The lawsuit also claims that Acadia misrepresented the extent of the Company’s actual and projected 2017 revenue, earnings before interest, taxes, depreciation and amortization (“EBITDA”) and earnings per share (“EPS”). With Acadia’s stock artificially inflated and based upon the above misstatements, its officers and directors allegedly sold over $143 million worth of Acadia stock through a continuous offering process and more than $1 billion in total Acadia stock. On October 24, 2017, Acadia announced its financial results for the third quarter 2017, which revealed a drastic shortfall in EBITDA 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.
On October 11, 2018, Aurelius Value published a report and released a video documenting purported systematic instances of patient abuse and neglect at dozens of Acadia facilities. On November 16, 2018, Seeking Alpha published an article titled, “Acadia Healthcare: Very Scary Findings From A 14-Month Investigation,” which highlighted severe problems at certain Acadia facilities previously mentioned in the Aurelius Value report.
If you currently own Acadia common stock and are interested in discussing your rights, or have information relating to this investigation, please contact Brett Stecker toll free at (866) 569-4531 or email Mr. Stecker at email@example.com.
Shuman Glenn & Stecker represents investors throughout the nation, concentrating its practice in stockholder litigation.