Acadia Healthcare Investigation Continued: Kahn Swick & Foti, LLC Continues to Investigate the Officers and Directors of Acadia Healthcare Company, Inc. - ACHC
Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF continues its investigation into Acadia Healthcare Company, Inc. (NasdaqGS: ACHC).
On September 27, 2024, the Company disclosed the receipt of a voluntary request for information from the U. S. Attorney’s Office for the Southern District of New York as well as a grand jury subpoena from the United States District Court for the Western District of Missouri “related to its admissions, length of stay and billing practices.” Then, on October 30, 2024, the Company disclosed that it had lowered its full-year 2024 revenue outlook to a range of $3.15 to $3.165 billion and its full-year 2024 adjusted EBITDA to a range of $725 to $735 million due in part to slower same-store patient day growth of only 3% in the month of October.
The Company has been sued in a securities class action lawsuit for failing to disclose material information, violating federal securities laws. Recently, the court presiding over the case denied the Company’s motion to dismiss, allowing the case to move forward.
