Acadia Healthcare(ACHC) GlobeNewswire News Room·2024-12-12 16:30Core Viewpoint - A securities class action lawsuit has been filed against Acadia Healthcare Company, Inc. for allegedly making false and misleading statements regarding its business practices and patient care during the Class Period from February 28, 2020, to October 30, 2024 [1][3]. Group 1: Allegations Against Acadia Healthcare - The lawsuit claims that Acadia Healthcare admitted patients against their will and extended their stay beyond medical necessity to deceive payors into continuing payments for care [3]. - It is alleged that the company would not release patients until their insurance coverage was exhausted [3]. - Acadia Healthcare reportedly pressured emergency rooms to send patients to its facilities and filed frivolous legal petitions to delay patient releases [3]. - The company is accused of using misleading terminology in patient records to create a false impression of patients' mental states [3]. - The practices of Acadia Healthcare are said to have led to government investigations and negative media scrutiny, impacting its referral relationships [3]. - As a result of these issues, Acadia Healthcare experienced slower same-store patient volumes and was forced to lower its full-year 2024 outlook [3]. - The positive statements made by the defendants regarding the company's business and prospects are claimed to be materially false and misleading [3]. Group 2: Legal Process and Representation - Investors in Acadia Healthcare have until December 16, 2024, to seek appointment as lead plaintiff representatives in the class action [4]. - A lead plaintiff acts on behalf of all class members and is typically the investor or group of investors with the largest financial interest [4]. - The lead plaintiff has the authority to select counsel to represent the class, and participation as a lead plaintiff does not affect the ability to share in any recovery [4].