NEW YORK, Sept. 27, 2024 (GLOBE NEWSWIRE) -- Leading securities law firm Bleichmar Fonti & Auld LLP announces an investigation into Acadia Healthcare Company, Inc. (NASDAQ: ACHC) for potential violations of the federal securities laws.
If you invested in Acadia Healthcare, you are encouraged to obtain additional information by visiting https://www.bfalaw.com/cases-investigations/acadia-healthcare-company-inc.
Why Did Acadia Healthcare’s Stock Drop?
Acadia is one of the largest for-profit chains of psychiatric hospitals in the United States.
On September 27, 2024, Acadia disclosed that it received a request for information from the U.S. Attorney’s Office for the Southern District of New York, a grand jury subpoena from the U.S. District Court for the Western District of Missouri, and that it expects similar requests from the U.S. Securities and Exchange Commission related to the company’s patient admissions, as well as its length of stay and billing practices. Acadia’s disclosure came one day after the U.S. Justice Department announced that Acadia had agreed to pay $19.85 million to settle allegations that between 2014 and 2017, the company knowingly submitted false claims for payment to Medicare and Medicaid for inpatient behavioral services that were not medically necessary, admitted patients ineligible for treatment, and failed to properly discharge patients when they no longer needed treatment. Additionally, on September 1, 2024, The New York Times published an investigative report which found that many of the illicit practices Acadia engaged in between 2014 and 2017 continue to this day.
The news has caused a precipitous decline in the price of Acadia stock. During morning trading on September 27, 2024, the price of Acadia stock declined more than 17%.
Click here for more information: https://www.bfalaw.com/cases-investigations/acadia-healthcare-company-inc.
What Can You Do?
If you invested in Acadia Healthcare you may have legal options and are encouraged to submit your information to the firm. All representation is on a contingency fee basis, there is no cost to you. Shareholders are not responsible for any court costs or expenses of litigation. The firm will seek court approval for any potential fees and expenses.
Submit your information by visiting:
https://www.bfalaw.com/cases-investigations/acadia-healthcare-company-inc
Or contact:
Ross Shikowitz
ross@bfalaw.com
212-789-3619
Why Bleichmar Fonti & Auld LLP?
Bleichmar Fonti & Auld LLP is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It was named among the Top 5 plaintiff law firms by ISS SCAS in 2023 and its attorneys have been named Titans of the Plaintiffs’ Bar by Law360 and SuperLawyers by Thompson Reuters. Among its recent notable successes, BFA recovered over $900 million in value from Tesla, Inc.’s Board of Directors (pending court approval), as well as $420 million from Teva Pharmaceutical Ind. Ltd.
For more information about BFA and its attorneys, please visit https://www.bfalaw.com.
https://www.bfalaw.com/cases-investigations/acadia-healthcare-company-inc
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