ACHC INVESTOR ALERT: Bronstein, Gewirtz and Grossman, LLC Announces an Investigation into Acadia Healthcare Company, Inc. and Encourages Investors to Contact the Firm

By: Bronstein, Gewirtz & Grossman, LLC via Business Wire

October 13, 2024 at 16:00 PM EDT

Attorney Advertising--Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Acadia Healthcare Company, Inc. (“Acadia” or “the Company”) (NASDAQ: ACHC). Investors who purchased Acadia securities are encouraged to obtain additional information and assist the investigation by visiting the firm's site: bgandg.com/ACHC.

Investigation Details

On Sunday, September 1, 2024, The New York Times published an article entitled “How a Leading Chain of Psychiatric Hospitals Traps Patients.” Citing “records reviewed by The Times”, the article reported that “Acadia has lured patients into its facilities and held them against their will, even when detaining them was not medically necessary” and that “[i]n at least 12 of the 19 states where Acadia operates psychiatric hospitals, dozens of patients, employees and police officers have alerted the authorities that the company was detaining people in ways that violated the law,” On this news, Acadia’s stock price fell $3.72 per share, or 4.54%, to close at $78.21 per share on September 3, 2024. Then, on September 27, 2024, Acadia disclosed in a filing with the U.S. Securities and Exchange Commission (“SEC”) that “[o]n September 24, 2024 [it] received a voluntary request for information from the United States Attorney’s Office for the Southern District of New York as well as a grand jury subpoena from the United States District Court for the Western District of Missouri […] related to its admissions, length of stay and billing practices[;]” that “Lakeland Hospital Acquisition, LLC, a subsidiary of Acadia, also received a grand jury subpoena from W.D. Mo. on the same day regarding similar subject matter[;]” and that “Acadia anticipates receiving similar document requests from the [SEC] and may receive additional document requests from other governmental agencies.” On this news, Acadia's stock price fell $12.38 per share, or 16.36%, to close at $63.28 per share on September 27, 2024.

What's Next?

If you are aware of any facts relating to this investigation or purchased Acadia securities, you can assist this investigation by visiting the firm’s site: bgandg.com/ACHC. You can also contact Peretz Bronstein or his client relations manager, Nathan Miller, of Bronstein, Gewirtz & Grossman, LLC: 332-239-2660.

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