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SHAREHOLDER ALERT - Bronstein, Gewirtz & Grossman, LLC Notifies Investors of Class Action Against Acadia Healthcare Company, Inc. (ACHC) and Lead Plaintiff Deadline December 3, 2018
Globe Newswire 16-Oct-2018 10:00 AM
NEW YORK, Oct. 16, 2018 (GLOBE NEWSWIRE) -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Acadia Healthcare Company, Inc. ("Acadia" or the "Company") (NASDAQ:ACHC) on behalf of shareholders who purchased or otherwise acquired Acadia securities between February 23, 2017 and October 24, 2017,(the "Class Period"). Such investors are encouraged to join this case by visiting the firm's site: www.bgandg.com/achc.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, specifically: (1) 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; (2) misleading guidance regarding its actual and projected 2017 revenue, earnings before interest, taxes, depreciation and amortization ("EBITDA") and earnings per share ("EPS"); and (3) consequently, Acadia stock traded at artificially inflated prices of over $52 per share during the Class Period. While Acadia stock was trading at these artificially inflated prices, Company CEO and President sold 706,000 shares of their Acadia stock for roughly $35 million.
On October 24, 2017, Acadia revealed its financial results for the third quarter of 2017, exposing a severe deficit in EBITDA for its U.K. operations, resulting from "lower census and higher operating costs." As a result, Acadia lowered its 2017 financial guidance, and lowered its EPS guidance as much as $0.24 per share. Following these revelations, Acadia stock dropped 26%, from to close at $32.68 per share on October 25, 2017.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm's site: www.bgandg.com/achc or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Acadia you have until December 3, 2018 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
