Acadia Healthcare Stock Surges Pre-Market After Activist Hedge Fund Reportedly Seeks Board Revamp
Synopsis
According to a report by The Financial Times, the fund holds a roughly 3% stake in Acadia and has written a letter to the company's board, requesting a review of its asset portfolio, improvements to its board, and the halting of capital-intensive projects for new facilities.
Activist hedge fund Engine Capital is reportedly pushing Acadia Healthcare (ACHC) to refresh its board as it faces multiple federal investigations.
According to a report by The Financial Times, the fund holds a roughly 3% stake in Acadia and has written a letter to the company's board, requesting a review of its asset portfolio, improvements to its board of directors, and the halting of capital-intensive projects for new facilities.
Acadia provides for-profit behavioral healthcare services. It is currently facing probes from the Department of Justice and Securities and Exchange Commission over allegations of holding patients against their will and falsifying insurance claims, the report noted.
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