NEW YORK, Oct. 04, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against iLearningEngines, Inc. (NASDAQ: AILE), Elastic N.V. (NYSE: ESTC), and Acadia Healthcare Company, Inc. (NASDAQ: ACHC). Our investigations concern whether these companies have violated the federal securities laws and/or engaged in other unlawful business practices. Additional information about each case can be found at the link provided.
iLearningEngines, Inc. (NASDAQ: AILE)
On August 27, 2024, Hindenburg Research issued a report on iLearningEngines highlighting a number of concerns regarding the company's operations. According to the report, in November 2023, before the IPO, the SEC inquired whether the “Technology Partner” was a related party. The company replied that it was not.
Hindenburg states further that “Technology Partner” is a UAE-based entity named Experion Technologies, identified through documents related to a debt transaction. We believe this entity is an undisclosed related party, suggesting that iLearningEngines misled the SEC. According to a 2020 web capture, the American contact for Experion was listed as the CEO of iLearningEngines. Additionally, a 2022 web capture showed the American address for Experion as the personal residence of iLearningEngines’ CEO.
Following this news, the company’s stock price dropped by 46% during pre-market trading on August 29, 2024.
For more information on the iLearningEngines investigation go to: https://bespc.com/cases/AILE
Elastic N.V. (NYSE: ESTC)
On August 30, 2024, Elastic announced that it was reducing its revenue forecast for the year, a move that prompted a flurry of downgrades from market analysts. A major concern was the disruption within the sales organization, which appeared during a period of strategic realignment aimed at improving sales efficiency and effectiveness. Moreover, the company has been facing a decrease in demand across the regions of Europe, the Middle East, and Africa, further complicating its financial outlook.
Following this news, Elastic's stock was trading significantly lower in pre-market trading on August 30, 2024.
For more information on the Elastic investigation go to: https://bespc.com/cases/ESTC
Acadia Healthcare Company, Inc. (NASDAQ: ACHC)
On Sunday, September 1, 2024, The New York Times published an article entitled “How a Leading Chain of Psychiatric Hospitals Traps Patients.” This article stated that “Acadia Healthcare is one of America’s largest chains of psychiatric hospitals. Since the pandemic exacerbated a national mental health crisis, the company’s revenue has soared. [. . .] But a New York Times investigation found that some of that success was built on a disturbing practice: Acadia has lured patients into its facilities and held them against their will, even when detaining them was not medically necessary. In at least 12 of the 19 states where Acadia operates psychiatric hospitals, dozens of patients, employees and police officers have alerted the authorities that the company was detaining people in ways that violated the law, according to records reviewed by The Times. In some cases, judges have intervenes to force Acadia to release patients.”
On this news, the price of Acadia Healthcare stock fell by 4.5% on September 3, 2024.
For more information on the Acadia investigation go to: https://bespc.com/cases/ACHC
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
