SOURCE: Brower Piven, A Professional Corporation

September 25, 2009 16:01 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $150,000 From Investment in Psychiatric Solutions, Inc. to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the November 20, 2009 Lead Plaintiff Deadline

BALTIMORE, MD--(Marketwire - September 25, 2009) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Middle District of Tennessee on behalf of purchasers of the common stock of Psychiatric Solutions, Inc. ("Psychiatric Solutions" or the "Company") (NASDAQ: PSYS) during the period between February 21, 2008 and February 25, 2009, inclusive (the "Class Period").

No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than November 20, 2009 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff. You may contact Brower Piven (through or 410/986-0036) to answer any questions you may have in that regard.

The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by issuing materially false and misleading statements concerning the Company's safeguards and controls over its operations. Defendants downplayed incidents at the Company's facilities, falsely indicating that the deficiencies had all been resolved, falsely assuring investors that corrective actions had already been taken at the Company's facilities to improve the quality, safety and risk management, and failing to properly account for its contingent liabilities related to the deficiencies surrounding its operations in violation of Generally Accepted Accounting Principles. According to the complaint, after this previously undisclosed information was revealed, the value of Psychiatric Solutions' stock declined significantly.

If you have suffered a net loss for all transactions in Psychiatric Solutions, Inc. common stock during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at, by email at, by calling 410-986-0036, or at Brower Piven, A Professional Corporation, The World Trade Center-Baltimore, 401 East Pratt Street, Suite 2525, Baltimore, Maryland 21202. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 40 years. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

    Charles J. Piven
    Brower Piven, A Professional Corporation
    Baltimore, Maryland
    Email Contact