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Submit Your Information for the Acadia Healthcare Lawsuit

Lead plaintiff deadline is December 16, 2024.

If you purchased or acquired Acadia Healthcare securities between February 28, 2020 through October 18, 2024, please contact Berger Montague using the form below.

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About the Lawsuit

According to the lawsuit, throughout the Class Period, Acadia and its senior executives misrepresented that its financial results were driven by insurance fraud which involved, among other things, holding patients in Acadia’s facilities against their will. including in cases where it was not medically necessary to do so.

On September 1, 2024, the New York Times published an article titled “How a Leading Chain of Psychiatric Hospitals Traps Patients.” According to that publication’s investigation, Acadia’s financial performance was premised on a “disturbing practice” – namely, the Company “lured patients into its facilities and held them against their will, even when detaining them was not medically necessary.” On this news, the price of Acadia stock fell $3.72 per share, or 4.5%, to close at $78.21 per share on September 3, 2024.

On September 27, 2024, Acadia disclosed that it had received a request for information from the U.S. Attorney’s Office for the Southern District of New York and a grand jury subpoena from the U.S. District Court for the Western District of Missouri, and that it expected similar requests from the U.S. Securities and Exchange Commission related to the Company’s patient admissions, length of stay of its patients, and its billing practices. On this news, Acadia shares declined more than 16% – $12.38 per share – from a closing price of $75.66 per share on September 26, 2024 to a close of $63.28 per share on September 27, 2024.

Finally, on October 18, 2024, the New York Times reported that the Veterans Affairs Department was investigating Acadia for potential fraud against the U.S. government’s health insurance programs by holding patients longer than is medically necessary. On this news, shares fell $7.29 per share, or 12%, from a close of $59.32 per share on October 17, 2024 to a close of $52.03 per share on October 18, 2024.

Investors who purchased or acquired Acadia Healthcare securities between February 28, 2020 through October 18, 2024, may no later than December 16, 2024, seek to be appointed as a lead plaintiff representative of the class.