Acadia Healthcare Says On July 7, 2023, Jury Awarded Plaintiff Compensatory Damages Of $80M & Punitive Damages Of $405M In Third Case; Co. Intends To Challenge Verdict
Portfolio Pulse from Benzinga Newsdesk
Acadia Healthcare's subsidiary Desert Hills was involved in five lawsuits from 2018 to 2020. Two cases were settled out of court in 2021. A third case resulted in a jury awarding the plaintiff $80 million in compensatory damages and $405 million in punitive damages on July 7, 2023. The company plans to challenge the verdict.
July 11, 2023 | 8:16 pm
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Acadia Healthcare is facing a significant financial burden due to a lawsuit verdict awarding $485 million to the plaintiff. The company plans to challenge the verdict.
The lawsuit verdict imposes a significant financial burden on Acadia Healthcare. This could negatively impact the company's financial health and investor confidence, leading to potential downward pressure on the stock price. The company's decision to challenge the verdict indicates that it believes the award is excessive and may be reduced on appeal.
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