Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, announces that a federal class action lawsuit has been filed against Acadia Healthcare Company, Inc. (“Acadia” or “Company”) (NasdaqGS: ACHC) and several officers and directors for acts taken during the period of February 23, 2017 and October 24, 2017 (the “Class Period”).
Based upon the allegations in the class action, the firm is investigating additional legal claims against the officers and Board of Directors of Acadia. If you are an affected Acadia shareholder and want to learn more about the lawsuit or join the action, contact Willie Briscoe at The Briscoe Law Firm, PLLC via email at firstname.lastname@example.org or call toll free at (888) 809-2750. There is no cost or fee to you.
According to the complaint, the defendants are alleged to have violated certain provisions of the Securities Exchange Act of 1934. Specifically, the complaint alleges, among other things, that Acadia materially misled the investing public, which had the effect of inflating the stock price of Acadia. Beginning on February 23, 2017, Acadia represented in its public filings and press releases that it was “the leading independent provider of mental health services in the U.K.” and that “favorable industry and legislative trends” gave the company a “competitive strength,” which would drive future growth and profitability. Acadia further misrepresented the extent of the its actual and projected 2017 revenue, earnings before interest, taxes, depreciation and amortization (“EBITA”) and earnings per share (“EPS”). With Acadia’s stock artificially inflated, its officers and directors sold over $143 million worth of Acadia stock through a continuous offering process. On October 24, 2017, Acadia issued a press release disclosing that its struggling U.K. facilities had missed the forecasts that defendants had stated to investors would be met throughout the year. The press release also reduced Acadia’s recently reaffirmed fiscal year 2017 guidance. Acadia stock dropped significantly immediately following this announcement.
The Briscoe Law Firm, PLLC is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.