Key Developments For Psychiatric Solutions, Inc.
Psychiatric Solutions, Inc. (PSYS.O) (Nasdaq)
Psychiatric Solutions, Inc. Launches PSI Patriot Support To Help Military And Their Families Deal With Stress Of War
Psychiatric Solutions, Inc. announced the launch of PSI Patriot Support, an expanded program to provide behavioral health services to military members and their families at PSI facilities around the country.
Psychiatric Solutions, Inc. Completes $70 Million Sale Of EAP Business To Aetna, Inc.
Psychiatric Solutions, Inc. announced that it has completed the sale of its employee assistance program business to Aetna, Inc. for approximately $70 million in cash. The Company intends to use the net proceeds from the sale to reduce its debt.
Dyer & Berens LLP Announces November 20, 2009 Lead Plaintiff Deadline In Class Action Lawsuit Filed On Behalf Of Psychiatric Solutions, Inc.
Dyer & Berens LLP announced that a class action lawsuit has been filed in the United States District Court for the Middle District of Tennessee on behalf of investors who purchased or otherwise acquired the common stock of Psychiatric Solutions, Inc. between February 21, 2008 and February 25, 2009, inclusive (Class Period). The complaint charges that Psychiatric Solutions and certain of its officers and directors violated the federal securities laws. Specifically, defendants allegedly issued materially false statements concerning the Company's safeguards and controls over its operations, including at its Riveredge Hospital facility. Defendants downplayed incidents at the Company's facilities and falsely assured investors that corrective actions had already been taken to improve the quality, safety and risk management. Additionally, defendants allegedly issued materially false statements regarding the Company's financial results.
Psychiatric Solutions, Inc. Lowers FY 2009 EPS Guidance
Psychiatric Solutions, Inc. (PSI) announced that as a result of the Company's financial results for the first nine months of 2009 and the Company's outlook for the remainder of the year, the Company reduced its guidance for fiscal 2009 earnings from continuing operations attributable to PSI stockholders per diluted share (EPS) to a range of $2.11 to $2.14 from the prior range of $2.16 to $2.24. The Company's guidance does not include the impact from any future acquisitions. According to Reuters Estimates, analysts were expecting the Company to report EPS of $2.26 for fiscal 2009.
Bronstein, Gewirtz & Grossman, LLC Announces Class Action Lawsuit Against Psychiatric Solutions, Inc.
Psychiatric Solutions, Inc. announced 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., 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.
