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U.S. District Court grants preliminary approval for $12M settlement of stockholder derivative actions against Acadia
ACHCAcadia Healthcare Company, Inc.
Acadia Healthcare Company, Inc. announced that a U.S. District Court granted preliminary approval for the settlement of multiple stockholder derivative actions alleging breaches of fiduciary duty and securities violations by former directors and officers. Under the terms, Defendants’ Side A-DIC insurance carriers will pay $12,000,000 in cash to Acadia. The Company will also pay $4,750,000 in attorneys' fees and expenses to Plaintiffs’ Counsel. Additionally, Acadia agreed to implement corporate governance reforms for a period of at least four years. The settlement resolves claims related to insider trading allegations and other conduct associated with previously settled securities litigation. Acadia Healthcare Company, Inc. operates acute inpatient psychiatric facilities, specialty treatment centers, and outpatient behavioral healthcare services throughout the U.S. and Puerto Rico.