Law Offices of Howard G. Smith Announces the Filing of a Securities Class Action on Behalf of Acadia Healthcare Company, Inc. Investors (ACHC)
BENSALEM, Pa.--(BUSINESS WIRE)--Oct 4, 2018--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors that purchased Acadia Healthcare Company, Inc. (“Acadia” or the “Company”) (NASDAQ: ACHC ) securities between February 23, 2017 and October 24, 2017, inclusive (the “Class Period”). Acadia investors have until December 3, 2018 to file a lead plaintiff motion.
Investors that suffered losses on their Acadia investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to firstname.lastname@example.org.
On October 24, 2017, Acadia reported disappointing Q3 2017 results. Revenue for the quarter was only $716.7 million, a decrease compared to $734.7 million for the third quarter of 2016. The Company attributed the results, in part, to “lower census and higher operating costs than anticipated” in the United Kingdom. Acadia also reduced revenue guidance for fiscal year 2017 from “a range of $2.85 billion to $2.9 billion” to “a range of $2.82 billion to $2.83 billion.”
On this news, Acadia’s share price fell $11.44, or 25.9%, to close at $32.68 per share on October 25, 2017, thereby injuring investors.
The Complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business and operations. Specifically, the complaint alleges that Defendants falsely stated that the quality of Acadia’s U.K. operations gave it a “competitive strength” that would drive future growth and profitability; and that Defendants caused Acadia to issue false and misleading guidance regarding the Company’s actual and projected fiscal 2017 revenue, earnings before interest, taxes, depreciation and amortization (“EBITDA”) and earnings per share (“EPS”).
If you purchased shares of Acadia during the Class Period, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to email@example.com, or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com:https://www.businesswire.com/news/home/20181004005676/en/
CONTACT: Law Offices of Howard G. Smith
Howard G. Smith, Esquire
KEYWORD: UNITED STATES NORTH AMERICA PENNSYLVANIA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES LEGAL
SOURCE: Law Offices of Howard G. Smith
Copyright Business Wire 2018.
PUB: 10/04/2018 01:12 PM/DISC: 10/04/2018 01:12 PM