11:14 AM EDT, 09/27/2024 (MT Newswires) -- (Updates with the stock movement in the headline and the first paragraph.)

Acadia Healthcare ( ACHC ) shares fell 18.5% in recent trading on Friday after the company said it faces investigations for its admissions and billing practices.

The company said in a regulatory filing Friday that it received a voluntary request for information from the US Attorney's Office for the Southern District of New York and a grand jury subpoena from the US District Court for the Western District of Missouri concerning its admissions, length of stay, and billing practices.

The company said its subsidiary, Lakeland Hospital Acquisition, received a similar grand jury subpoena on the same day.

Acadia said it expects to receive similar document requests from the Securities and Exchange Commission and possibly other agencies.

The company said it is fully cooperating with the investigations but cannot predict any potential impact on its business or operations at this time.

The requests for information follow recent media reports about patients who have shared troubling experiences at Acadia's facilities, the company said in a statement.

Additionally, the company said it was undertaking initiatives to improve patient care such as expanding its organizational structure, allocating about $100 million in technology investments, incorporating new field-based training programs for frontline caregivers, and standardizing treatment protocols.

Price: 61.69, Change: -13.97, Percent Change: -18.46