Psychiatric hospital chain Acadia Healthcare Co. failed to disclose that it routinely held patients against their will, without medical necessity, before a news report made the practice public, an investor alleges.
The company’s stock price dropped Sept. 3 on that news, and dropped again when Acadia said it had received subpoenas and requests for information from federal prosecutors Sept. 27, Anurag Kachrodia says. He filed his proposed class action Wednesday in the US District Court for the Middle District of Tennessee.
The share price fell 4.5%, closing at $78.21 per share on Sept. 3, and 6.4%, closing at $63.28 on ...
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