BFA Law has Sued ACADIA HEALTHCARE for Securities Fraud after Stock Plummets 16%; Contact the Firm before December 16 Class Action Deadline (Nasdaq:ACHC)
NEW YORK, Nov. 02, 2024 (GLOBE NEWSWIRE) — Leading securities law firm Bleichmar Fonti & Auld LLP announces that it has filed a lawsuit against Acadia Healthcare Company, Inc. ACHC and certain of the Company’s senior executives.
If you invested in Acadia Healthcare, you are encouraged to obtain additional information by visiting https://www.bfalaw.com/cases-investigations/acadia-healthcare-company-inc.
Investors have until December 16, 2024 to ask the Court to be appointed to lead the case. The complaint asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of investors in Acadia Healthcare’s securities. The case is pending in the U.S. District Court for the Middle District of Tennessee and is captioned Dyar v. Acadia Healthcare Company, Inc., No. 3:24-cv-01300. The lawsuit can be found here: https://www.bfalaw.com/siteFiles/Cases/Acadia_Dyar_Complaint.pdf
What is the Lawsuit About?
Acadia is one of the largest for-profit chains of psychiatric hospitals in the United States. The complaint alleges that during the relevant period, the Company misrepresented that its financial results were driven by insurance fraud and holding vulnerable people against their will in its facilities, including in cases where it was not medically necessary to do so.
On September 1, 2024, the New York Times published an article titled “How a Leading Chain of Psychiatric Hospitals Traps Patients.” The New York Times‘s “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.” On this news, the price of Acadia stock fell $3.72 per share, or 4.5%, to close at $78.21 per share on September 3, 2024.
On September 27, 2024, Acadia disclosed that it received a request for information from the U.S. Attorney’s Office for the Southern District of New York, a grand jury subpoena from the U.S. District Court for the Western District of Missouri, and that it expects similar requests from the U.S. Securities and Exchange Commission related to the Company’s patient admissions, as well as its length of stay and billing practices. This news caused a significant 16% decline in the price of Acadia stock, from $75.66 per share on September 26, 2024 to $63.28 per share on September 27, 2024.
Then, on October 18, 2024, the New York Times published an article titled “Veterans Dept. Investigating Acadia Healthcare for Insurance Fraud,” stating that the Veterans Affairs Department is investigating whether Acadia is defrauding government health insurance programs by holding patients longer than is medically necessary. The New York Times also stated that several former Acadia employees in Georgia and Missouri have also been interviewed by agents from the F.B.I. and the inspector general’s office of the Health and Human Services Department. This news caused a significant 12% decline in the price of Acadia stock, from $59.32 per share on October 17, 2024 to $52.03 per share on October 18, 2024.
Click here for more information: https://www.bfalaw.com/cases-investigations/acadia-healthcare-company-inc.
What Can You Do?
If you invested in Acadia Healthcare you may have legal options and are encouraged to submit your information to the firm. All representation is on a contingency fee basis, there is no cost to you. Shareholders are not responsible for any court costs or expenses of litigation. The firm will seek court approval for any potential fees and expenses.
Submit your information by visiting:
https://www.bfalaw.com/cases-investigations/acadia-healthcare-company-inc
Or contact:
Ross Shikowitz
ross@bfalaw.com
212-789-3619
Why Bleichmar Fonti & Auld LLP?
Bleichmar Fonti & Auld LLP is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It was named among the Top 5 plaintiff law firms by ISS SCAS in 2023 and its attorneys have been named Titans of the Plaintiffs’ Bar by Law360 and SuperLawyers by Thompson Reuters. Among its recent notable successes, BFA recovered over $900 million in value from Tesla, Inc.’s Board of Directors (pending court approval), as well as $420 million from Teva Pharmaceutical Ind. Ltd.
For more information about BFA and its attorneys, please visit https://www.bfalaw.com.
https://www.bfalaw.com/cases-investigations/acadia-healthcare-company-inc
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
The 'Magic Number' Homebuyers Want: 56% Say 5.5% Is Their Rate To Buy
New industry data suggests that more than half of prospective homebuyers have set 5.5% as their target mortgage rate, but current market conditions show a wide gap between expectations and reality.
A survey cited by the National Association of Realtors (NAR) on Friday found 56% of potential buyers are holding out for rates between 5.5% and 5.75% before making a purchase. Current rates, however, stand at 6.54% for a 30-year fixed mortgage, according to Freddie Mac, marking the fourth consecutive week of increases.
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The divergence between buyer expectations and market reality comes as existing home sales hit their lowest point since October 2010. According to NAR data, sales dropped to an annual rate of 3.84 million units in September.
The report says that rising interest rates remain the chief concern for buyers, with 58% citing them as their biggest fear. Home price increases ranked second at 49%, followed by inflation and diminishing savings at 40%.
“The continued strength in the economy drove mortgage rates higher once again this week,” said Sam Khater, Freddie Mac’s chief economist. “Over the last few years, there has been tension between a downbeat economic narrative and incoming economic data that is stronger than the narrative.”
The financial strain on potential buyers remains high. Recent Bankrate data shows 34% of workers living paycheck to paycheck. Meanwhile, the median existing-home price reached $404,500 in September, nearly 50% above September 2019 levels, outpacing income growth by 25% during the same period.
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At current rates, a $400,000 home purchase with 20% down translates to a $2,031 monthly mortgage payment, according to Jessica Lautz, NAR’s deputy chief economist. A 10% down payment pushes that figure to $2,285.
First-time buyers face challenges. Their market share fell to 26% in September, among the lowest levels on record. Loan officers report increased inquiries about down payment assistance and lower down payment programs as buyers seek ways to manage higher rates and prices.
Market forecasts suggest continued challenges ahead. Fannie Mae and the Mortgage Bankers Association project 30-year fixed rates to average around 6.2% by late this year, outpacing buyer preferences.
Limited inventory continues to pressure the market, with available homes down 20% compared to five years ago. “With mortgage rates back above 6.5% this month – and unlikely to drop below 6% this year – home prices will likely continue their consistent climb until more inventory comes onto the market in the spring,” Redfin senior economist Sheharyar Bokhari said.
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BFA Law is Investigating ADMA BIOLOGICS for Securities Fraud after Stock Plummets 20%; Contact the Firm if You Suffered Losses (Nasdaq:ADMA)
NEW YORK, Nov. 02, 2024 (GLOBE NEWSWIRE) — Leading securities law firm Bleichmar Fonti & Auld LLP announces an investigation into ADMA Biologics, Inc. ADMA for potential violations of the federal securities laws.
If you invested in ADMA Biologics, you are encouraged to obtain additional information by visiting https://www.bfalaw.com/cases-investigations/adma-biologics-inc.
Why Did ADMA Biologics’s Stock Drop?
ADMA Biologics is an end-to-end commercial biopharmaceutical company that manufactures, markets and develops specialty biologics for the treatment of immunodeficient patients at risk for infection and others at risk for certain infectious diseases.
On October 9, 2024, ADMA Biologics disclosed the surprise resignation of its independent outside auditor CohnReznick LLP.
The news has caused a precipitous decline in the price of ADMA Biologics stock. During trading on October 10, 2024, the price of ADMA Biologics stock declined more than 20%.
Click here for more information: https://www.bfalaw.com/cases-investigations/adma-biologics-inc.
What Can You Do?
If you invested in ADMA Biologics you may have legal options and are encouraged to submit your information to the firm. All representation is on a contingency fee basis, there is no cost to you. Shareholders are not responsible for any court costs or expenses of litigation. The firm will seek court approval for any potential fees and expenses.
Submit your information by visiting:
https://www.bfalaw.com/cases-investigations/adma-biologics-inc
Or contact:
Ross Shikowitz
ross@bfalaw.com
212-789-3619
Why Bleichmar Fonti & Auld LLP?
Bleichmar Fonti & Auld LLP is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It was named among the Top 5 plaintiff law firms by ISS SCAS in 2023 and its attorneys have been named Titans of the Plaintiffs’ Bar by Law360 and SuperLawyers by Thompson Reuters. Among its recent notable successes, BFA recovered over $900 million in value from Tesla, Inc.’s Board of Directors (pending court approval), as well as $420 million from Teva Pharmaceutical Ind. Ltd.
For more information about BFA and its attorneys, please visit https://www.bfalaw.com.
https://www.bfalaw.com/cases-investigations/adma-biologics-inc
Attorney advertising. Past results do not guarantee future outcomes.
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
'Better Off'— Redfin Survey Reveals 69% Of Millennial And Gen Z Homeowners See Wealth Surge Compared To Renters
A divide is emerging between young homeowners and their renting peers, according to new survey data from Redfin.
Nearly 70% of Millennial and Gen Z homeowners report being better off financially compared to four years ago, while only 52% of renters in the same age groups have seen similar improvements.
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The findings highlight a growing economic disparity tied directly to homeownership among younger Americans. The gap is more pronounced compared to older generations, where the financial differences between owners and renters are much smaller.
“Economic inequality is on the rise between young people who have been able to break into homeownership and young people who haven’t,” Chen Zhao, Redfin’s Economics Research Lead, was quoted in the report.
The timing of home purchases has proved crucial, according to the real estate brokerage. Many young buyers who entered the market during the pandemic’s low interest rates have since built substantial equity as home values surged.
See Also: This Jeff Bezos-backed startup will allow you to become a landlord in just 10 minutes, and you only need $100.
Those who missed that window now face barriers to entry, with mortgage rates more than double their pandemic lows and home prices near record highs.
The contrast in financial outcomes is clear — only 18% of Millennial and Gen Z homeowners report being worse off compared to four years ago, while 26% of their renting counterparts have seen their finances deteriorate.
The impact extends beyond personal finances into political priorities. A related Redfin survey found housing affordability weighs heavily on renters’ minds heading into the presidential election, with 32% listing it among their top three issues compared to 17% of homeowners.
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Baby Boomers are an outlier in the data, with both owners and renters more likely to report declining financial situations. About 38% of Boomer homeowners and 40% of renters say they’re worse off than four years ago, potentially reflecting the challenges of living on fixed incomes during a period of high inflation.
The findings come from a Redfin-commissioned survey conducted by Ipsos in September, sampling 1,802 U.S. residents aged 18-65. The study defined Gen Z as ages 18-27, Millennials as 28-43, Gen X as 44-59, and Baby Boomers as 60-65.
While rent growth has recently slowed, rents remain about 20% above pre-pandemic levels. The continued pressure on renters, combined with high costs for necessities like groceries, suggests the financial gap between young owners and renters may continue to widen.
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Warren Buffett is sitting on over $325 billion cash as Berkshire Hathaway keeps selling Apple stock
OMAHA, Neb. (AP) — Warren Buffett is now sitting on more than $325 billion cash after continuing to unload billions of dollars worth of Apple and Bank of America shares this year and continuing to collect a steady stream of profits from all of Berkshire Hathaway’s assorted businesses without finding any major acquisitions.
Berkshire said it sold off about 100 million more Apple shares in the third quarter after halving its massive investment in the iPhone maker last quarter. The remaining stake of roughly 300 million shares was valued at $69.9 billion at the end of September remains Berkshire’s biggest single investment, but it has been cut drastically since the end of last year when it was worth $174.3 billion.
Investors will also be disappointed to learn that Berkshire didn’t repurchase any of its own shares in the quarter.
CFRA Research analyst Cathy Seifert said shareholders will wonder why Buffett is continuing to accumulate so much cash. “Are they more pessimistic about the future economic and market picture than perhaps others are?” she said.
Buffett said at the annual meeting in May that part of why he started selling some of his Apple shares is that he expects tax rates to go higher in the future. But Edward Jones analyst Jim Shanahan said he wonders if part of the reason Buffett started selling Apple is tied to last year’s death of Vice Chairman Charlie Munger because the sales started shortly after Munger’s death. Shanahan said Buffett has never been as comfortable with technology businesses as his longtime partner was.
“If Charlie Munger were still alive, perhaps he wouldn’t have sold down the position quite as aggressively — maybe at all,” Shanahan said.
Berkshire said Saturday that investment gains again drove its third quarter profits skyward to $26.25 billion, or $18,272 per Class A share. A year ago, unrealized paper investment losses dragged the Omaha, Nebraska-based conglomerate’s earnings down to a loss of $12.77 billion, or $8,824 per Class A share.
Buffett has long recommended that investors pay more attention to Berkshire’s operating earnings if they want to get a good sense of how the businesses it owns are doing because those numbers exclude investments. Berkshire’s bottom-line profit figures can vary widely from quarter to quarter along with the value of its investments regardless of whether the company bought or sold anything.
By that measure, Berkshire said its operating earnings were only down about 6% at $10.09 billion, or $7,023.01 per Class A share. That compares to last year’s $10.8 billion, or $7,437.15 per Class A share.
ELANCO ANIMAL HEALTH has been Sued for Securities Fraud after Stock Plummets 21%; Contact the Firm before December 6 Class Action Deadline (NYSE:ELAN)
NEW YORK, Nov. 02, 2024 (GLOBE NEWSWIRE) — Leading securities law firm Bleichmar Fonti & Auld LLP announces that a lawsuit has been filed against Elanco Animal Health Incorporated ELAN and certain of the Company’s senior executives for potential violations of the federal securities laws.
If you invested in Elanco, you are encouraged to obtain additional information by visiting https://www.bfalaw.com/cases-investigations/elanco-animal-health-incorporated.
Investors have until December 6, 2024 to ask the Court to be appointed to lead the case. The complaint asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of investors in Elanco Animal Health Incorporated securities. The case is pending in the U.S. District Court of Maryland and is captioned Barpar v. Elanco Animal Health Incorporated, et al., No. 24-cv-02912.
What is the Lawsuit About?
The complaint alleges that Elanco develops products to treat diseases in animals. Two of the most important treatments in the company’s development pipeline are currently being reviewed by the U.S. Food and Drug Administration (“FDA”). The treatments are named Zenrelia, a drug for a type of dermatitis in dogs, and Credelio Quattro, which is a broad spectrum oral parasiticide covering fleas, ticks and internal parasites.
With respect to these treatments, the company stated that the FDA “has all data necessary to complete its review. All technical sections, including the label, are expected to be approved before the end of June [2024].” However, on June 27, 2024, Elanco announced that it expected the FDA would not approve either drug in June 2024 and that Zenrelia would come with a boxed warning on safety.
As a result of the news, Elanco’s stock price declined over 21%, from $17.97 per share on June 26, 2024 to $14.27 per share on June 27, 2024. BFA Law is investigating whether Elanco and certain of its executives made materially false and/or misleading statements to investors related to the FDA’s approval of its drugs.
Click here if you suffered losses: https://www.bfalaw.com/cases-investigations/elanco-animal-health-incorporated.
What Can You Do?
If you invested in Elanco Animal Health Incorporated ELAN you may have legal options and are encouraged to submit your information to the firm.
All representation is on a contingency fee basis, there is no cost to you. Shareholders are not responsible for any court costs or expenses of litigation. The firm will seek court approval for any potential fees and expenses.
Submit your information by visiting:
https://www.bfalaw.com/cases-investigations/elanco-animal-health-incorporated
Or contact:
Ross Shikowitz
ross@bfalaw.com
212-789-3619
Why Bleichmar Fonti & Auld LLP?
Bleichmar Fonti & Auld LLP is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It was named among the Top 5 plaintiff law firms by ISS SCAS in 2023 and its attorneys have been named Titans of the Plaintiffs’ Bar by Law360 and SuperLawyers by Thompson Reuters. Among its recent notable successes, BFA recovered over $900 million in value from Tesla, Inc.’s Board of Directors (pending court approval), as well as $420 million from Teva Pharmaceutical Ind. Ltd.
For more information about BFA and its attorneys, please visit https://www.bfalaw.com.
https://www.bfalaw.com/cases-investigations/elanco-animal-health-incorporated
Attorney advertising. Past results do not guarantee future outcomes.
Market News and Data brought to you by Benzinga APIs
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Lightstone Ranked Among Crain's Top Places to Work in New York City for Second Consecutive Year
NEW YORK, Nov. 1, 2024 /PRNewswire/ — Lightstone, one of the leading and most diversified privately held real estate companies in the United States, has been recognized as one of 2024’s Best Places to Work in New York City by Crain’s New York Business for the second consecutive year. Lightstone was ranked within the top 40 companies in the city.
In partnership with Workforce Research Group, Crain’s utilized 20,000 employee engagement surveys and employer questionnaires to determine the ranking of this year’s spotlighted firms. Employee surveys from all five boroughs analyzed workplace environment, growth opportunities, leadership, benefits, and other perks.
“New York City is home to over 220,000 businesses, and we are very proud to be recognized within the top 1%. At Lightstone, we believe that the heart of any building is the people who bring it to life,” said Mitchell Hochberg, President of Lightstone. “This acknowledgment is a testament to our talented and dedicated family of exceptional professionals, as well as our commitment to fostering a welcoming and supportive workplace environment.”
This workplace accolade is among Lightstone’s many 2024 recognitions which include Commercial Observer’s Power 100, ALIS Development of the Year for their Moxy/AC Hotel in Downtown Los Angeles, and CN Traveler’s Readers’ Choice Awards for Top Hotels in New York City.
About Lightstone Capital
Lightstone, founded by David Lichtenstein, is one of the most diversified privately held real estate companies in the United States. Headquartered in New York City, Lightstone is active in 26 states across the country, developing, managing and investing in all sectors of the real estate market, including residential, hospitality, commercial, and retail. With 210 existing properties, Lightstone’s over $9 billion portfolio currently includes over 12 million square feet of industrial, life sciences, and commercial properties, over 30,000 residential units, and over 5,100 hotel keys. Lightstone’s development portfolio includes over $3.5 billion currently under development in the residential and hospitality sectors spread across New York City, Los Angeles, and Miami.
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Berkshire Hathaway’s Cash Pile Reaches Record $325.2 Billion
(Bloomberg) — Berkshire Hathaway Inc.’s cash pile reached $325.2 billion in the third quarter, a record for the conglomerate, as Warren Buffett continued to refrain from major acquisitions while trimming some of his most significant equity stakes.
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Berkshire once again trimmed its holdings in Apple Inc., the Omaha, Nebraska-based conglomerate said Saturday in a statement. The firm’s stake in the iPhone maker was valued at $69.9 billion at the end of the quarter, down from $84.2 billion in the second quarter, indicating that the company cut its stake by about 25%.
Berkshire first disclosed its Apple stake in 2016 and had spent $31.1 billion for the 908 million of Apple shares it held through the end of 2021.
Buffett said in May that Apple was an “even better” business than two others in which Berkshire owns shares: American Express Co. and Coca-Cola Co. Apple would likely remain its top holding, indicating that tax issues had motivated the sale, “but I don’t mind at all, under current conditions, building the cash position,” he said.
Berkshire was a net seller of shares in the quarter. The company reported $34.6 billion of net share sales in the three months through September.
The company has struggled to find ways to deploy its cash pile, as Buffett has found market prices too high to find attractive deals. At its annual shareholder meeting in May, Buffett said Berkshire wasn’t in a rush to spend “unless we think we’re doing something that has very little risk and can make us a lot of money.”
Buffett, 94, has used some of the cash hoard to repurchase some of its own stock, though even that had become costlier recently. Shares of Berkshire have gained 25% this year, boosting its market value to $974.3 billion. Its market capitalization eclipsed $1 trillion for the first time on Aug. 28.
This past quarter, Berkshire declined to buy back its own stock for the first time since it changed its policy in 2018.
Berkshire’s operating earnings fell 6% from a year earlier, to $10.09 billion, as insurance underwriting earnings slumped.
Earnings from underwriting at the firm’s collection of insurance businesses slumped 69%, to $750 million, versus $2.4 billion a year earlier, driven by higher losses at Berkshire Hathaway Primary Group.