Acadia Healthcare (ACHC) shares plunged 15.91% in pre-market trading on Thursday, extending the previous day's losses, as investors continued to react negatively to a series of announcements from the behavioral healthcare services provider. The company faces pressure from revised financial guidance, unexpected legal charges, and a key executive departure.

On Wednesday, Acadia Healthcare lowered its full-year adjusted earnings per share (EPS) guidance to a range of $2.35 to $2.45, down from previous estimates. This reduction in earnings outlook raised concerns about the company's profitability. Adding to the financial uncertainties, Acadia disclosed an incremental assumption on legal charges ranging from $4.0 million to $6.0 million, now expected in the fourth quarter. These unexpected legal expenses further pressured the company's financial outlook.

Compounding these issues, Acadia announced that Dr. Nasser Khan resigned from his role as Chief Operating Officer, effective November 3, 2025. The departure of a key executive amidst these financial challenges likely contributed to investor unease. Despite these setbacks, Acadia maintained its revenue forecast of $3,280-$3,300 million for the fiscal year. The company also reported its Q3 earnings, beating analyst expectations with adjusted earnings of 72 cents per share, compared to the expected 67 cents. However, this positive note was overshadowed by the other negative developments, leading to the significant stock price decline in both regular trading on Wednesday and pre-market on Thursday.