Shuman Glenn & Stecker Investigates Acadia Healthcare Company, Inc.
February 11 2020 - 3:08PM
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 brett@shumanlawfirm.com.
Shuman Glenn & Stecker represents investors throughout the
nation, concentrating its practice in stockholder litigation.
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version on businesswire.com: https://www.businesswire.com/news/home/20200211005978/en/
SHUMAN GLENN & STECKER Brett D. Stecker, Esq. 326 West
Lancaster Ave., Suite 110 Ardmore, PA 19003 Tel: 866.569.4531 Fax:
303.536.7849 Email: brett@shumanlawfirm.com Web:
www.shumanlawfirm.com
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