Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, Oct. 29, 2024 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Acadia Healthcare Company, Inc. ("Acadia Healthcare" or the "Company") (NASDAQ: ACHC) investors of a class action representing investors that bought securities between February 28, 2020 and September 26, 2024, inclusive (the "Class Period"). Acadia Healthcare investors have until December 16, 2024 to file a lead plaintiff motion.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
A lawsuit filed in the Middle District of Tennessee aims to recover damages for investors who bought Acadia Healthcare stocks between February 28, 2020, and September 26, 2024.
The complaint claims that Acadia Healthcare has unlawfully detained patients, even when such action was not necessary for their health. The company is accused of using misleading methods to attract patients, only to keep them confined for profit instead of for treatment.
The lawsuit asserts that Acadia's executives knew about these practices and intentionally misled investors regarding the company's operations and financial outlook.
It references a recent investigation by The New York Times that uncovered numerous allegations of patient mistreatment and illegal detentions at Acadia's facilities nationwide.
Following the Times' report on September 1, 2024, Acadia's stock price fell by 4.5%. The decline worsened on September 27, 2024, when the company revealed it was under federal investigation, causing the stock to drop another 16.36%, raising investor fears about the potential legal and financial fallout from the company's actions.
Most recently, on October 18, 2024, The New York Times reported that the Veterans Affairs Department is investigating whether Acadia improperly billed insurance for patients who were stable enough to be released and did not require intensive care. This news led to a further decline of over 12% in Acadia's stock price.
Please visit our website to review more information and submit your transaction information.
The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
Attorney Advertising
