San Diego, CA -- (SBWIRE) -- 01/29/2019 -- Certain directors of Acadia Healthcare Company Inc are under investigation over potential breaches of fiduciary duties.
Investors who are current long term investors in Acadia Healthcare Company Inc (NASDAQ: ACHC) shares, have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The investigation by a law firm for investors in NASDAQ: ACHC stocks follows a lawsuit filed against Acadia Healthcare Company Inc over alleged securities laws violations. The investigation on behalf of current long term investors in NASDAQ: ACHC stocks, concerns whether certain Acadia Healthcare Company Inc directors are liable in connection with the allegations made in that lawsuit.
The plaintiff alleges that 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 October 24, 2017, Acadia Healthcare Company announced its financial results for the third quarter of 2017. The Company revealed a drastic shortfall in EBITDA for its U.K. facilities, purportedly resulting from "lower census and higher operating costs," and lowered its financial guidance for 2017, including lowering its EPS guidance as much as $0.24 per share.
Shares of Acadia Healthcare Company Inc (NASDAQ:ACHC) declined from $45.27 per share on October 20, 2017 to as low as $28.24 per share on November 14, 2017.
Those who purchased shares of Acadia Healthcare Company Inc (NASDAQ: ACHC) have certain options and should contact the Shareholders Foundation.
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