Shares in Acadia, which operates more than 250 facilities nationwide, including psychiatric hospitals and opioid recovery clinics, are down 71 per cent over the past year, giving it an equity value of just over $2bn. <\/p>\n
The company first told investors about the government probes last autumn. They cost it $84.5mn in legal costs in the first six months of this year.<\/p>\n
In a statement, Acadia said: \u201cWe remain focused on enhancing value for all shareholders, and our Board regularly evaluates all opportunities to achieve that goal.\u201d Engine declined to comment.<\/p>\n
In the letter, Engine accused Acadia of maintaining a \u201cgrowth at any cost\u201d approach that has given rise to a bloated corporate structure. It also wrote that a 2022 reorganisation left it with an unwieldy management structure that has stifled the company\u2019s turnaround.<\/p>\n
Engine called for the Tennessee-based company to add new directors with expertise in behavioural health and capital allocation.<\/p>\n
\u201cIt is stunning that Acadia\u2019s board does not have a single director with relevant operating experience,\u201d Engine wrote in its letter to the board. It also encouraged the company to consider asset sales to free up cash to buy its \u201cdeeply undervalued\u201d shares. <\/p>\n
On an earnings call last month, Acadia\u2019s chief executive Chris Hunter said he was \u201cpleased\u201d with the company\u2019s progress. Hunter, a former executive at heath insurance group Humana, has led the company since 2022. <\/p>\n
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