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Thinly-traded small cap addiction center operator AAC Holdings (AAC -9.5%) slumps on a 5x surge in volume in apparent response to a bearish article published today on Seeking Alpha by Bleecker Street Research. The author accuses the company of goosing its financials by too-frequent and excessively charged drug testing. It allegedly tests clients 2 - 3x per week instead of the customary 1 - 2x per month and bills payers as much as $1,200 per test, over 10x the cost of a typical screening test.
The majority of the company's operations is located in Florida, currently Ground Zero for fraudulent billing of abused drug testing services.
Bleecker sees a 50% downside to AAC's valuation as authorities investigate the firm and due to the end of the IPO lock-up period at the end of the month.