Oct. 2 at 5:36 PM
Shares of Acadia Healthcare climbed Thursday after Khrom Capital Management, a major shareholder, called for a strategic review of the behavioral health provider, including the possibility of selling the company. Khrom, which holds approximately 5.5% of Acadia’s outstanding shares, criticized the company for “persistently poor performance” and “misallocation of capital,” highlighting that Acadia shares have fallen more than 70% over the past decade, while industry peers have posted significant gains.
The activist investor pointed to a series of strategic missteps, including Acadia’s entry and subsequent exit from the UK market, and what it described as “aggressive and poorly justified capital spending.” Khrom also targeted the company’s board structure, noting several directors have served for more than a decade, including Chairman Reeve Waud, who has been in his role for 20 years.
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