San Diego, CA -- (SBWIRE) -- 10/19/2023 -- An update was announced in the lawsuit that was filed on behalf of certain investors in NASDAQ: ACHC shares over alleged violations of Federal Securities Laws by Acadia Healthcare Company Inc.

Investors who purchased shares of Acadia Healthcare Company Inc (NASDAQ: ACHC) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

On October 02, 2023, a lawsuit was filed in the U.S. District Court for the Middle District of Tennessee against Acadia Healthcare Company Inc over alleged securities laws violations. The plaintiff alleged that between February 23, 2017 and October 24, 2017, the defendants made materially false and 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, and by issuing false and misleading guidance regarding the Company's actual and projected 2017 revenue, earnings before interest, taxes, depreciation and amortization ("EBITDA") and earnings per share ("EPS"), and that as a result of defendants' false statements, Acadia stock traded at artificially inflated prices of more than $52 per share February 23, 2017 and October 24, 2017, and that while Acadia stock was trading at these allegedly artificially inflated prices, the Company's CEO and President sold 706,000 shares of their Acadia stock for proceeds of more than $35 million.

On April 1, 2019 a consolidated complaint was filed and on May 31, 2019, the defendants filed their motion to dismiss the consolidated complaint.

On January 20, 2021, the court denied the defendants' motion to dismiss.

On February 1, 2022, a motion for class certification was filed, which the court granted on September 30, 2022.

Those who purchased shares of Acadia Healthcare Company Inc (NASDAQ: ACHC) have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

About The Shareholders Foundation
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.