|Company name||Acadia Healthcare Company, Inc.|
NEW YORK, October 4, 2019 – Bragar Eagel & Squire is investigating certain officers and directors of Acadia Healthcare Company, Inc. (NYSE: ACHC) following a class action complaint that was filed against Acadia Healthcare on October 1, 2018.
The complaint alleges that throughout the class period, defendants made materially false and misleading statements regarding Acadia’s business and operations, including by falsely stating that the quality of Acadia’s U.K. operations gave it a competitive strength that would drive future growth and profitability, and by issuing false and misleading guidance regarding the company’s actual and projected 2017 revenue, earnings before interest, taxes, depreciation and amortization (EBITDA) and earnings per share (EPS). As a result of defendants’ false statements, Acadia stock traded at artificially inflated prices of more than $52 per share during the Class Period. While Acadia stock was trading at these artificially inflated prices, the company’s CEO and President sold 706,000 shares of their Acadia stock for proceeds of more than $35 million. Then on October 24, 2017, Acadia announced its financial results for the third quarter of 2017. The company revealed a drastic shortfall in EBITDA for its U.K. operations, purportedly resulting from lower census and higher operating costs, and lowered its financial guidance for 2017, including lowering its EPS guidance as much as $0.24 per share. Following these revelations, the price of Acadia stock price fell 26%, from a close of $44.12 per share on October 24, 2017 to a close of $32.68 per share on October 25, 2017.
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