Acadia Healthcare falls on $19.85 mln settlement over allegations of improper billing

Acadia Healthcare

27/09/2024 14:53

** Shares of Acadia Healthcare  ACHC.O  fall 18.9% to $61.35
 
    ** Co agreed to pay $19.85 mln to settle allegations it
billed for medically unnecessary inpatient behavior health
services, the U.S. Justice Department said on late Thursday
    ** Co will pay $16.66 mln to the U.S. government for false
billing under federal health programs - DOJ
    ** It will also pay $3.19 mln to Florida, Georgia, Michigan
and Nevada to resolve their state law claims - DOJ
    ** Co on Friday says "is cooperating fully with the
authorities regarding this matter" 
        ** Including session's move, stock down 21.2% YTD 

 (Reporting by Sneha S K)
 ((Sneha.SK@thomsonreuters.com))