Stock sales gave officials millions, scrutiny; Shareholder suits say Acadia execs misled investors even as they sold off holdings
Co-founded by Chicago private equity investor Reeve Waud, Acadia Healthcare Co. has used billions of taxpayer dollars to serve some of America's most vulnerable citizens -- foster children and opioid addicts.
As it acquired and operated hundreds of mental health facilities, Acadia in 2015 was ranked No. 6 on Fortune's list of America's fastest-growing public companies.
Starting that year, Waud sold $560 million of his own Acadia stock as the share price fell. It went from an all-time...