Bronstein, Gewirtz & Grossman, LLC Announces Class Action Lawsuit Against Psychiatric Solutions, Inc.
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NEW YORK, NY, Oct 08 (MARKET WIRE) --
Bronstein, Gewirtz & Grossman, LLC announces that a class action has been
filed in the United States District Court for the Middle District of
Tennessee on behalf of those who purchased or otherwise acquired stock of
Psychiatric Solutions, Inc. ("Psychiatric Solutions" or the "Company")
(NASDAQ: PSYS), during the period between February 21, 2008 through and
including February 25, 2009 (the "Class Period").
The Complaint charges the defendant with violations of the Securities and
Exchange Act of 1934 by issuing materially false and misleading statements
concerning the Company safeguard and controls over its operations.
Defendants downplayed incidents at the Company facilities, falsely
indicating that the deficiencies had all been resolved, falsely assuring
investors that corrective actions had already been taken at the Company's
facilities to improve the quality, safety and risk management, and failing
to properly account for its contingent liabilities related to the
deficiencies surrounding its operations in violation of Generally Accepted
Accounting Principles. According to the complaint, after this previously
undisclosed information was revealed, the value of Company's stock
declined significantly.
No Class has yet been certified in the above action. If you wish to review
a copy of the Complaint, to discuss this action, or have any questions,
please contact either Peretz Bronstein or Eitan Kimelman of Bronstein,
Gewirtz & Grossman, LLC at 212-697-6484 or via email eitan@bgandg.com.
Those who inquire by e-mail are encouraged to include their mailing
address and telephone number. November 20, 2009 is the deadline for
investors to seek a lead plaintiff appointment.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our
primary expertise is the aggressive pursuit of litigation claims on behalf
of our clients. In addition to representing institutions and other
investor plaintiffs in class action security litigation, the firm's
expertise includes general corporate work, private securities offerings,
and securities arbitration.
Contact:
Peretz Bronstein
Eitan Kimelman
Bronstein, Gewirtz & Grossman, LLC
212-697-6484
Email Contact
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