BOCA RATON, Fla., Dec. 11, 2024 (GLOBE NEWSWIRE) -- Saxena White P.A. issues this notice to update and replace a prior press release issued by Saxena White on December 11, 2024. Plaintiff City of Fort Lauderdale Police and Firefighters’ Retirement System has filed a Notice of Scrivener’s Error with the United States District Court for the Middle District of Tennessee, which attaches a corrected Class Action complaint correcting a typographical error that inadvertently defined the Class Period as beginning on February 8, 2020, whereas the Class Action complaint alleges that the Class Period begins on February 28, 2020. The prior press release issued by Saxena White on December 11, 2024 contained the same typographical error. The Class Action asserts claims on behalf of all persons and entities that purchased or otherwise acquired Acadia Healthcare Company, Inc. securities between February 28, 2020 and October 30, 2024, inclusive. The full, updated press release follows: Saxena White P.A. has filed a securities fraud class action lawsuit (the “Class Action”) in the United States District Court for the Middle District of Tennessee against Acadia Healthcare Company, Inc. (“Acadia Healthcare,” “Acadia,” or the “Company”) (NASDAQ: ACHC) and certain of its executive officers (collectively, “Defendants”). The Class Action asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and U.S. Securities and Exchange Commission (“SEC”) Rule 10b-5 promulgated thereunder on behalf of all persons and entities that purchased or otherwise acquired Acadia Healthcare securities between February 28, 2020 and October 30, 2024, inclusive (the “Class Period”), and were damaged thereby (the “Class”). The Class Action filed by Saxena White is captioned City of Fort Lauderdale Police and Firefighters’ Retirement System v. Acadia Healthcare Company, Inc., et al ., No. 24-cv-1447 (M.D. Tenn.). The Class Action complaint expands the class period and allegations asserted in a related action against Acadia and certain of its executive officers captioned: Kachrodia v. Acadia Healthcare Company, Inc., et al. , No. 24-cv-1238 (M.D. Tenn. filed Oct. 16, 2024) (the “ Kachrodia Action”). Specifically, the Class Action expands the class period pled from February 28, 2020 to October 18, 2024 in the Kachrodia Action, to February 28, 2020 to October 30, 2024 in the Class Action. Pursuant to the notice published on October 16, 2024 in connection with the filing of the Kachrodia Action, and as required by the Private Securities Litigation Reform Act of 1995 (PSLRA), investors wishing to serve as lead plaintiff are required to file a motion for appointment as lead plaintiff by no later than December 16, 2024. Saxena White’s filing of the Class Action does not alter the lead plaintiff deadline. Based in Franklin, Tennessee, Acadia Healthcare purports to be the leading publicly traded pure-play provider of behavioral healthcare services in the United States. Acadia claims that it is committed to providing communities with high-quality, cost-effective behavioral healthcare services, while growing the Company’s business, increasing profitability, and creating long-term value for shareholders. Most of Acadia’s revenue comes from acute inpatient psychiatric facilities. Acadia receives payments from various payors, including states and the federal government under their respective Medicaid programs. Throughout the Class Period, Defendants touted the quality and safety of Acadia’s inpatient services and the Company’s strong financial performance driven by solid volumes and growth in patient days ( i.e. , length of stay) and same facility revenue. Defendants further touted strong revenue trends driven by rate increases across all payors and positive coverage and reimbursement trends from Medicaid, Acadia’s largest source of revenue. The Class Action alleges that, during the Class Period, the Defendants made materially false and misleading statements and failed to disclose material adverse facts about the Company’s business, operations, and prospects, including that: (1) Acadia admitted patients and held them against their will and beyond the length of time that was medically necessary in order to deceive payors into continuing to pay for such patients’ care; (2) Acadia would not release patients until their insurance ran out; (3) in order to achieve the above, Acadia deployed Company assessors to pressure emergency rooms to send patients to Company facilities, filed frivolous petitions with courts to delay patients’ release, and directed employees to use buzzwords and avoid using other words in patients’ charts to create a false impression of patients’ mental state; (4) Acadia’s admissions, length of stay, and billing practices would subject the Company to government investigations and actions and heightened media scrutiny; (5) in light of such government investigations and actions and media scrutiny, Acadia’s relationships with its referral sources would be negatively impacted; (6) as a result of the above, Acadia experienced slower same-store patient volumes, and in turn, the Company would be forced to lower its full-year 2024 outlook; and (7) as a result of the above, Defendants’ positive statements about the Company’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. On September 1, 2024, investors began to learn the truth about Acadia’s inpatient services when The New York Times (the “ Times ”) published an article, entitled “How a Leading Chain of Psychiatric Hospitals Traps Patients,” reporting that some of Acadia’s 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 more than 4.5%, from a closing price of $81.93 per share on August 30, 2024, the prior trading day, to a closing price of $78.21 per share on September 3, 2024, the following trading day. On September 26, 2024, the Times published another article, entitled “Acadia Hospitals Reach $20 Million Settlement With Justice Dept,” reporting that Acadia had agreed to a nearly $20 million settlement with the U.S. Department of Justice, related to an investigation into the Company’s practices of holding “patients for longer than necessary” at its facilities and admitting “people who didn’t need to be there.” On September 27, 2024, Acadia disclosed that it had received a request for information from the U.S. Attorney’s Office for the Southern District of New York and a grand jury subpoena from the U.S. District Court for the Western District of Missouri “related to its admissions, length of stay and billing practices.” On this news, the price of Acadia stock fell more than 16%, from a closing price of $75.66 per share on September 26, 2024, to a closing price of $63.28 per share on September 27, 2024. On October 3, 2024, Acadia received a letter from Adam B. Schiff, Judy Chu, and Julia Brownley, members of the U.S. House of Representatives from California, seeking answers to questions raised by reports “that inpatient psychiatric facilities owned by Acadia Healthcare have wrongfully detained patients under medically unnecessary circumstances.” On this news, the price of Acadia stock fell more than 3.5%, from a closing price of $58.80 per share on October 2, 2024, to a closing price of $56.71 per share on October 3, 2024. On October 18, 2024, the Times published another article entitled “Veterans Dept. Investigating Acadia Healthcare for Insurance Fraud,” reporting that the Veterans Affairs Department is investigating whether Acadia “is defrauding government health insurance programs by holding patients longer than is medically necessary” and “whether Acadia billed insurance programs for patients who were stable enough to be released and did not need intensive inpatient care.” On this news, the price of Acadia stock fell more than 12%, from a closing price of $59.32 per share on October 17, 2024, to a closing price of $52.03 per share on October 18, 2024. The truth was fully revealed on October 30, 2024 when Acadia issued a press release announcing its financial results for the third quarter of 2024. In the press release, Acadia disclosed that it had lowered its full-year 2024 revenue outlook to a range of $3.15 to $3.165 billion and its full-year 2024 adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) to a range of $725 to $735 million. During the related earnings call held the next day on October 31, 2024, Chief Financial Officer (CFO) Heather Dixon disclosed that the lowered full-year 2024 guidance was in part due to slower same-store patient day growth of only 3% in the month of October, “which we believe is a result of the recent headlines and reporting in the media.” On this news, the price of Acadia stock fell $9.39 per share, or more than 18%, from a closing price of $52.08 per share on October 30, 2024, to a closing price of $42.69 per share on October 31, 2024. If you purchased Acadia Healthcare securities during the Class Period and were damaged thereby, you are a member of the “Class” and may be able to seek appointment as lead plaintiff. If you wish to apply to be lead plaintiff, a motion on your behalf must be filed with the U.S. District Court for the Middle District of Tennessee no later than December 16, 2024. The lead plaintiff is a court-appointed representative for absent members of the Class. You do not need to seek appointment as lead plaintiff to share in any Class recovery in the Class Action. If you are a Class member and there is a recovery for the Class, you can share in that recovery as an absent Class member. You may contact Marco A. Dueñas ( mduenas@saxenawhite.com ), a Senior Attorney at Saxena White P.A., to discuss your rights regarding the appointment of lead plaintiff or your interest in the Class Action. You also may retain counsel of your choice to represent you in the Class Action. You may obtain a copy of the Complaint and inquire about actively joining the Class Action at www.saxenawhite.com . Saxena White P.A., with offices in Florida, New York, California, and Delaware, is a leading national law firm focused on prosecuting securities class actions and other complex litigation on behalf of injured investors. Currently serving as lead counsel in numerous securities class actions nationwide, Saxena White has recovered billions of dollars on behalf of injured investors. CONTACT INFORMATION Marco A. Dueñas, Esq. mduenas@saxenawhite.com Saxena White P.A. 10 Bank Street, Suite 882 White Plains, New York 10606 Tel.: (914) 437-8551 Fax: (888) 631-3611 www.saxenawhite.com�]��b�۱F�。

NoneAppointment leverages Kilb's extensive experience establishing a presence in new markets, overseeing organization growth and securing enterprise sales, most immediately at Option3's ENIGMA Zero Trust platform as its first Chief Strategy Officer. POTOMAC FALLS, Va. , Dec. 9, 2024 /PRNewswire/ -- Option3 , a cybersecurity private equity specialist with a deep heritage in U.S. national security, has appointed Karl P. Kilb III as Operating Partner, also naming him Chief Strategy Officer (CSO) for its new ENIGMA Zero Trust platform. Kilb's 30+ years' experience in the technology sector includes 22 years at Bloomberg LP, where he served as its first General Counsel, a position he held for more than 15 years. Kilb established the firm's global legal department, assisting in developing and marketing Bloomberg's products worldwide, including the negotiation of major enterprise sales. As the company grew rapidly, Kilb also played a broader role in organization building, identifying and adding new content, and protecting intellectual property, as well as mergers & acquisitions that helped fuel Bloomberg's emergence as a global technology leader. Kilb's experience since leaving Bloomberg includes founding and leading companies in cybersecurity, identity, and media, always with a focus on data and analytics. "Karl brings Option3 a unique range of experiences essential to introducing new technologies and products in the market, having been responsible for scaling enterprise-wide sales and aggressively securing intellectual property and other rights," said Manish Thakur , Option3's Managing Partner. "His focus on cybersecurity, identity and analytics allows him to make an immediate impact as Option3 enters a period of rapid growth. Our recent acquisition of Onclave Networks is the first of many by our new Zero Trust platform. Karl's prior experience in closing agreements, integrating acquisitions, and enabling rapid revenue growth, makes him a rare and invaluable addition to our team." "Option3 is at the forefront of addressing difficult cybersecurity challenges that America must get right – from critical infrastructure to the automotive sector, and more broadly to areas like cyber insurance," Kilb said. "My experience establishing new sectors aligns with this mission. I'm eager to accelerate ENIGMA's success at a time when the adoption of Zero Trust must be a priority for companies and our country." Option3 focuses on creating mid-market cybersecurity platforms scaling them as the champions of the future. It combines decades of expertise in private investing with a deep understanding of cybersecurity trends and priorities gained in the national security sector. The ENIGMA platform offers security against threats arising from Operational Technology (OT) and IoT networks with solutions that are exclusively Zero Trust. It builds on investments made by Option3 in Zero Trust long before President Biden's Executive Order mandating the federal government adopt it. With ENIGMA's foundational technology being deployed by organizations such as NATO, the White House Communications Agency, the Defense Health Agency, ENIGMA is perfectly positioned to address commercial markets, with an early focus on healthcare, a priority market for both Option3 and ENIGMA. "Karl's career exemplifies the rare ability to blend legal, operational, and strategic expertise to drive technology innovation and business growth," said Michael Schoenbach , a senior advisor at Option3. "His leadership will be instrumental as we expand ENIGMA's capabilities and ensure its technologies are at the forefront of solving some of the most complex cybersecurity challenges facing critical industries today." Beyond Bloomberg, Kilb has guided early-stage technology companies in cybersecurity, identity, data, and media, co-founding ventures in faith-based and educational content. He is an active mentor and speaker on legal and entrepreneurial issues, teaching and serving as Chairman and Co-Founder of the Entrepreneurial Law Advisory Council at Fordham University School of Law since 2014 and a board member of NYU's Lawyers' Alumni Mentoring Program since its inception in 1997. About Option3 Option3 is a specialist cybersecurity private equity firm based in New York and Reston, Virginia that combines experience from the classified world of U.S. national security with decades of experience in private investing, capital markets, and mergers & acquisitions. Since 2016, Option3 has invested in a variety of innovative companies across the cyber ecosystem, through a number of investment portfolios focusing early in such areas as threat intelligence, operational technology and Zero Trust. With a team that spans the C-suite, Option3 seeks control positions in mid-market companies that it can help build into the champions of the future. Option3's investment strategy is informed by its longstanding Technology Board, which spans the former Chief Information Officer of the CIA to the former CIO at Department of Defense, and a Capital Board of leading financiers. Option3 operates its Cyber TRUSTTM index, one of the only equity indices comprised purely of companies engaged in cybersecurity. For more information, please visit www.option3.com . About ENIGMA ENIGMA is a next generation American cybersecurity platform that seeks to protect against threats arising from beyond traditional Information Technology, particularly the large installed base of devices in Operational Technology and Internet-of-Things. ENIGMA solutions are exclusively based on Zero Trust, a paradigm in security that regards every user, device, and component as untrusted, regardless of whether they are inside or outside the network. The platform was originally created out of investments in purpose-built Zero Trust companies made by cybersecurity private equity specialist, Option3. ENIGMA launched in August 2024 with its foundational acquisition of one of these companies, Onclave Networks, which uses Zero Trust principles and methods developed by the U.S. Department of Defense to secure IT networks from the world of Operational Technology and IoT. Onclave was recently awarded the first ever Authority to Operation (conditional) ever given by any federal agency for Zero Trust architecture, with its products now being deployed at the White House Communications Agency, Defense Health Agency and NATO, with planned deployments spanning from U.S. hospital networks to the global auto sector. SOURCE Option3

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