On September 1, 2024, The New York Times published an article entitled “How a Leading Chain of Psychiatric Hospitals Traps Patients.” The article revealed that Acadia Healthcare, one of America’s largest psychiatric hospital chains, has seen a surge in revenue since the pandemic intensified the national mental health crisis, but that The New York Times investigation “found that some of that success was built on a disturbing practice: Acadia has lured patients into its facilities and held them against their will, even when detaining them was not medically necessary. In at least 12 of the 19 states where Acadia operates psychiatric hospitals, dozens of patients, employees and police officers have alerted the authorities that the company was detaining people in ways that violated the law” and that in some cases, judges had to step in to compel Acadia Healthcare to release patients.
On this news, the price of Acadia Healthcare stock fell by 4.5%, to close at $78.21 per share on September 3, 2024.
If you have any questions or would like to discuss this investigation, please contact Kessler Topaz Meltzer & Check, LLP: Jonathan Naji, Esq. (484) 270-1453 or via e-mail at info@ktmc.com.