NEW YORK, March 26, 2018 /PRNewswire/ -- Bernstein Liebhard LLP today announced that a class action has been filed in the United States District Court for the Middle District of Tennessee on behalf of a class (the "Class") consisting of all persons or entities who purchased the securities of Acadia Healthcare Company, Inc. ("Acadia" or the "Company") (NASDAQ: ACHC) during the period between February 23, 2017 and October 24, 2017 (the "Class Period"), including in connection with an August 22, 2017 public offering (the "Offering"). The complaint alleges that Defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
Acadia is a healthcare company that operates inpatient psychiatric facilities, residential treatment centers, group homes, substance abuse facilities, and facilities providing outpatient behavioral healthcare services throughout the United States, the United Kingdom ("U.K.") and Puerto Rico.
The complaint alleges that Defendants made materially false and misleading statements regarding Acadia's business and operations, including by claiming that the quality of its U.K. operations gave the Company a "competitive strength," which would drive future growth and profitability, and by issuing false and misleading guidance regarding the Company's actual and projected 2017 financial results.
On October 24, 2017, Acadia announced its financial results for the third quarter of 2017, revealing a substantial shortfall in EBITDA for its U.K. facilities, purportedly resulting from "lower census and higher operating costs," and lower financial guidance for 2017. As a result, Acadia's stock price fell 26%.
Plaintiffs seek to recover damages on behalf of all Class members who invested in Acadia securities during the Class Period, including in connection with the Offering. If you invested in Acadia securities as described above, and lost money on the transactions, you may wish to join in this action to serve as lead plaintiff. In order to do so, you must meet certain requirements set forth in the applicable law and file appropriate papers no later than May 14, 2018.
A "lead plaintiff" is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as lead plaintiff. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Bernstein Liebhard LLP, or other counsel of your choice, to serve as your counsel in this action.
If you are interested in discussing your rights as an Acadia investor and/or have information relating to the matter, please contact Joseph R. Seidman, Jr. at (877) 779-1414 or firstname.lastname@example.org.
Bernstein Liebhard LLP has pursued hundreds of securities, consumer and shareholder rights cases and recovered over $3.5 billion for its clients. The Firm has been named to the National Law Journal's "Plaintiffs' Hot List" thirteen times.
You can obtain a copy of the complaint from the clerk of the court for the United States District Court for the Middle District of Tennessee.
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