More class actions lobbed against Psych Solutions
Posted on September 28, 2009 at 7:28 amThere’s blood in the water and the legal sharks are circling. Law firms out of Baltimore and Dallas have joined at least two others in filing potential class actions against Psychiatric Solutions (Ticker: PSYS) over the company’s disclosure of regulatory problems at its Riveredge hospital in Illinois.
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Another Psych Solutions class action filing
Posted on September 23, 2009 at 8:25 amHop on, boys – there’s plenty of room for consolidation. A day after a San Diego firm accused Psychiatric Solutions of misleading investors, a Pennsylvania peer has followed suit. The firms’ accusations center on Psych Solutions managers’ disclosure of regulatory shortcomings at an Illinois facility.
SEE ALSO: Howard G. Smith’s roster of active cases
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Psych Solutions class action over Chicago problems
Posted on September 22, 2009 at 8:29 am
A San Diego securities law firm has filed a putative class action against Psychiatric Solutions over the effect on the company’s stock price of the disclosure of various regulatory issues at its Riveredge Hospital in Chicago. The period covered in the suit covers 53 weeks starting in February of 2008.
Defendants downplayed incidents at the Company’s facilities, indicating that the deficiencies had all been resolved. Defendants assured investors that corrective actions had already been taken at the Company’s facilities to improve the quality, safety and risk management. Additionally, defendants issued materially false and misleading statements regarding the Company’s financial results and compliance with Generally Accepted Accounting Principles. Specifically, the Company failed to properly account for its contingent liabilities related to the deficiencies surrounding its operations.
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Nevada moves to shut down Psych Solutions site
Posted on June 10, 2009 at 3:36 pmAfter four patient safety incidents in the past eight months, Nevada health regulators have told Psychiatric Solutions officials they have 30 days to move patients from their Reno center before the doors will be closed.
Psych Solutions has been dogged by similar claims at one of its Chicago-area hospitals for the better part of a year. Shares of the company (Ticker: PSYS) fell more than 12 percent today on the Nevada news, although several analysts are downplaying the financial impact.
“Usually what we’ve seen is headlines around this are a bigger deal than underlying issues,” Bachman said. “It’s a tough population they are serving, so there is likely to always be something going on.”
Browsing Psych Solutions’ Q1 call transcript
Posted on April 30, 2009 at 6:39 am
Notes from the Franklin-based company’s Wednesday confab with analysts, which helped spur a 26 percent pop in the shares.
- The new Rolling Hills facility in Franklin is quickly headed for break-even. Search for ‘middle of Janaury.’
- CEO Joey Jacobs, “the most optimistic person in the world,” said revenues are growing nicely. “What gives me comfort is that, a third of the quarter is already over with. We have a good visibility on April.”
- The acquisition a year ago of five United Medical Corp. facilities is paying off nicely.
- The team at Riveredge hospital in Chicago, where admissions have been put on hold, are working constructively with regulators, but there’s no outlook on a resolution. Search for ‘maybe.’
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Why Psych Solutions was off 8 percent
Posted on April 6, 2009 at 7:14 pm
Patient care issues at its Chicago-area operations continue to dog the Franklin-based company. This time, a report from the Illinois Department of Children and Family Services calls the care at Psych Solutions’ Riveredge Hospital “completely unacceptable.”
Shares of Psych Solutions (Ticker: PSYS) looked like a ski slope during regular hours Monday, closing at $14.60, but bounced back 3 percent after hours.
For more on the troubles at Riveredge, click here.
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