Contact Information: Contact: Peretz Bronstein Eitan Kimelman Bronstein, Gewirtz & Grossman, LLC 212-697-6484
Bronstein, Gewirtz & Grossman, LLC Announces Class Action Lawsuit Against Psychiatric Solutions, Inc.
| Source: Bronstein, Gewirtz & Grossman, LLC
NEW YORK, NY--(Marketwire - October 8, 2009) - 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.