||Acadia Healthcare Company, Inc.
||United States District Court for the Middle District of Tennessee
||The Hon. William L. Campbell, Jr
||Between February 23, 2017 and October 24, 2017
On March 14, 2018, the initial complaint in this securities class action was filed against Acadia Healthcare Company, Inc. (“Acadia” or the “Company”), and certain of Acadia’s directors, officers and underwriters, asserting violations of sections 10(b) and 20(a) of the Securities Exchange Act.
The complaint alleged that throughout and before the class period, the defendants made numerous materially false and misleading statements and omissions to investors regarding Acadia’s business and operations, including by falsely stating that the quality of its U.K. operations gave the Company a “competitive strength,” which 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 and earnings per share.
This securities class action lawsuit was brought on behalf of purchasers of Acadia publicly traded securities between February 23, 2017 and October 24, 2017, inclusive.
Current Status of Case:
On April 1, 2019, the lead plaintiff filed an amended complaint. The defendants filed a motion to dismiss the amended complaint on May 31, 2019. The defendants’ motion to dismiss is now fully briefed before the Court pending its decision. This action is still ongoing.
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Kessler Topaz Meltzer & Check, LLP
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