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Acadia Healthcare (ACHC) shares plunged after the operator of behavioral health facilities said it was being investigated by federal authorities looking into its "admissions, length of stay and billing practices."
The company said it has received a request for information from the U.S. Attorney’s Office in the Southern District of New York and a grand jury subpoena from the U.S. Attorney’s Office in the Western District of Missouri. The Missouri court also subpoenaed an Acadia subsidiary. Acadia added that it expects similar document requests from the Securities and Exchange Commission (SEC) and possibly other governmental agencies. The company said that it was cooperating with the probes.
The news sent Acadia's shares down some 16% to their lowest level since May.
In a statement, Acadia said “decisions on patient care are not business decisions—they are medical ones—and these decisions are not in any way related to or influenced by insurance coverage or a patient’s ability to pay.”
The news came a day after the Justice Department said that Acadia paid $19.85 million to settle allegations of knowingly billing for medically unnecessary inpatient behavioral health services or for services that did not meet federal and state regulations.
Acadia's stock is down nearly 20% this year.
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