Acadia’s $179 Million Investor Class Deal Gets First Court Nod

Acadia Healthcare Co. Inc.‘s $179 million investor deal inched closer to resolving allegations that it misrepresented the adequacy of its patient care, staffing levels, and other metrics.

The settlement appeared “sufficiently fair, reasonable, and adequate to warrant providing notice” to the shareholder class, US District Court for the Middle District of Tennessee Chief Judge William L. Campbell Jr. said. His preliminary approval Thursday comes three months after he rebuffed Acadia’s bid to avoid trial in the case alleging it misled investors about certain issues, including its regulatory compliance and financial projections for its United Kingdom operations.

• If Campbell gives ...