Publicly available records indicate that a class action lawsuit has been filed on behalf of investors in Acadia Healthcare Company (NASDAQ:ACHC) in connection to alleged violations of securities laws by ACHC. Fitapelli Kurta is interested in speaking to investors who have complaints regarding investments made in Acadia Healthcare Company from February 23, 2017 until October 24, 2017.
The class action complaint specifically alleges that during the period in question, ACHC might have provided false and/or misleading material information, and/or failed to disclose adverse material information, namely: that the company made false statements with regard to the “competitive strength” it gained from the quality of its operations in the UK, which it stated would propel growth and profitability in the future; that the company released revenue guidance that was false and misleading; and that thus the company’s statements to the public were false and misleading during the relevant period. When the company disclosed its financial results for Q3 2017 on October 24, 2017, announcing a severe decline in earnings before interest, taxes, depreciation and amortization for its UK facilities, which it attributed to “lower census and higher operating costs,” it decreased its financial guidance for the year, in part by lowering its earnings per share guidance by as high as $0.24/share. Upon these announcements, the company’s share price fell 26%, closing at $32.68/share on the following day. The complaint alleges that when these true details came to light, investors suffered losses.
According to the company’s website, Acadia Healthcare Company is a multinational company providing behavioral healthcare services. As of September 30, 2017, according to its own description, the company operated “a network of 579 behavioral healthcare facilities with approximately 17,400 beds in 39 states, the United Kingdom and Puerto Rico.” The company offers behavioral healthcare services and addiction services in settings like inpatient psychiatric hospitals, residential treatment centers, outpatient clinics, and specialty treatment facilities. The company trades on the Nasdaq exchange under the symbol ACHC.
A class action lawsuit has already been filed in connection with Acadia Healthcare Company. If you wish to serve as lead plaintiff in the ACHC lawsuit, you must move the Court no later than May 14, 2018. If you wish to join the litigation, please contact Marc Fitapelli at 212-658-1501 or Jonathan Kurta at 212-658-1502. There is no cost or obligation to you and your ability to share in any recovery does not require that you serve as a lead plaintiff.