Acadia Healthcare has been sued for violations of the securities laws following the Company's September 27, 2024 announcement that it received a federal grand jury subpoena related to its admissions, length of stay, and billing practices. The New York Times had previously reported that Acadia illegally detained patients against their will when not medically necessary by invoking laws meant for people who pose an imminent threat to themselves or others. The Company's stock price fell 16% on September 27, 2024, wiping out over $1 billion in market capitalization.
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