Psychiatric Solutions, Inc. Faces Long Term Shareholder Investigation

An broker in Psychiatric Solutions has filed a accusation in the United States District Court for the Middle District of Tennessee on account of purchasers of Psychiatric Solutions, Inc. (NASDAQ:PSYS) accepted banal during the aeon amid February 21, 2008 and February 25, 2009, adjoin Psychiatric Solutions and added over declared violations of Federal Securities Laws.

Those who are accepted continued appellation investors in Psychiatric Solutions, Inc. (NASDAQ:PSYS) and / or purchased PSYS accepted banal during the aeon amid February 21, 2008 and February 25, 2009, accept assertive options and should acquaintance the Shareholders Foundation at Email: mail(at)shareholdersfoundation.com or at: +1 (858) 779 – 1554. According to the complaint the plaintiff alleges that Psychiatric Solutions and assertive of its admiral and admiral abandoned the Securities Exchange Act of 1934 by arising amid February 21, 2008 and February 25, 2009, materially apocryphal and ambiguous statements apropos Psychiatric Solutions safeguards and controls over its operations, including at its Riveredge Hospital facility. The plaintiff accuses that the defendants downplayed incidents at Psychiatric Solutions facilities, advertence that the deficiencies had all been bound and that defendants assured investors that antidotal accomplishments had already been taken at its accessories to advance the quality, assurance and accident management. The plaintiff claims that as a aftereffect of defendants’ apocryphal and ambiguous statements, Psychiatric Solutions banal traded at artificially aggrandized prices amid February 21, 2008 and February 25, 2009. On July 17, 2008, the Chicago Tribune issued an analytic address which appear unreported abandon a allotment of adolescent patients at Psychiatric Solutions Riveredge Hospital facility. As a aftereffect of the Chicago Tribune’s investigation, the Illinois Department of Children and Family Services placed a authority on acceptance youths in the aegis of the accompaniment to Riveredge Hospital. As a added result, the Department of Justice accomplished an analysis into the ability and its operations, so the lawsuit. Then, on February 25, 2009, Psychiatric Solutions appear the fourth division and anniversary banking after-effects due. Psychiatric Solutions absent its 2008 assets advice from continuing operations of $2.02 to $2.03 per adulterated share, instead advertisement $1.92 per adulterated share. The advice absence was based aloft the problems at Psychiatric Solutions Riveredge Hospital facility, including the aftereffect of the continuing authority at the ability by Illinois Department of Children and Family Services, added accuse accompanying to the analysis and an access in Psychiatric Solutions accepted and able accountability reserves, so the lawsuit.

Psychiatric Solutions, Inc., amid in Franklin, TN, is a provider of inpatient behavioral healthcare casework in the United States. The Company operates 95 inpatient behavioral healthcare accessories with about 10,000 beds in 31 states, Puerto Rico, and the United States Virgin Islands. Psychiatric Solutions appear in 2007 Total Revenue of $1.46068billion with a Net Income of $76.21million and in 2008 Total Revenue of $1.7659billion with a Net Income of $107.88million. Shares of Psychiatric Solutions traded afresh at $29.63 per allotment and were down from a 52weekHigh of $40.90 per allotment and about $42 per allotment in 2007.