Ardent Health (ARDT) Investigation

The investigation is focused on the propriety of Ardent Health’s statements about its financial condition and results of operations, including the collectability of its accounts receivable, the sufficiency of its professional liability reserves, and the sufficiency of its internal disclosure controls and procedures.

On November 13, 2025, investor disappointment set in when Ardent Health reported its Q3 2025 financial results. The company reported EPS of -$0.17, a whopping decrease of 189% from the prior year period and widely missing consensus estimates.

The company also revealed a $43 million adjustment that reduced revenue for the quarter. The company said it modified “the technique used to estimate the collectability of accounts receivable” that resulted in the revenue decrease.   

In addition, Ardent Health recorded a $54 million increase to its professional and general liability reserves, which it said was “attributable to the emergence of adverse prior period claim developments with respect to recent settlements and ongoing litigation[.]”

The company also significantly reduced its 2025 adjusted EBITDA guidance to $530-$550 million from $575-$615 million, a 9% decrease at the midpoint, and blamed the downward adjustment in part on durable payor denials. One analyst reportedly wrote that the revision reflects “‘a sharp divergence from peers that have seen 5%-10% positive revisions.’”

In response, the price of Ardent Health shares sharply declined on November 13, 2025.

FREQUENTLY ASKED QUESTIONS ABOUT THE CASE

What is the ARDT investigation about?

We are investigating the extent to which company leadership was aware of the apparent problems with Ardent Health’s revenue accounting system, particularly with respect to payor denials, and whether the reserve increase may not have been timely under the circumstances.

WHAT SHOULD I DO?

I worked at ARDT. What should I do?

If you were an employee of ARDT, you may have valuable information that could be relevant to the investigation. Hagens Berman is one of the nation’s top whistleblower law firms, and has successfully represented many individuals who come forward with information regarding corporate malfeasance. Under the new SEC Whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, contact Reed Kathrein at 844-916-0895 or ARDT@hbsslaw.com.

There are multiple law firms participating, do I need to contact all of them?

No, you do not need to contact all participating law firms. Generally, class-action investigations and lawsuits are consolidated into a single case to streamline the legal process, and attorneys from only a few law firms are selected to serve in a leadership role on the consolidated case. Hagens Berman has a proven track record of being appointed to leadership roles in complex, multidistrict litigation regarding investor fraud and other consumer rights issues, and your claim will be handled by attorneys who have helped secure approximately $325 billion in class-action settlements on behalf of individuals who have suffered due to corporate malfeasance and the wrongdoing of other powerful institutions.

AM I ELIGIBLE?

What is the threshold amount to be eligible? What are “substantial” losses?

The threshold amount and the definition of "substantial" losses may vary depending on a number of factors specific to the case, including the size of the company, market cap, shares outstanding and who holds them and the damages alleged by the fraud. In general, to be eligible to participate in a class-action lawsuit, you must be able to demonstrate that you suffered financial losses as a result of the alleged wrongdoing and that your losses meet the criteria set by the court or law firm. Fill out the form and submit your losses.

CAN I PARTICIPATE?

Am I affected? What do I need to do to participate?

If you were an investor in ARDT, you may be affected and eligible to participate in the case. To determine your eligibility and potential involvement, fill out the form and submit your losses.

Can any ARDT investor participate?

In most class-action investigations and cases, any investor who meets the eligibility criteria, including purchasing the shares during the relevant period, can participate, regardless of the size of their investment. Fill out the form to find out your rights.

I bought on a non-U.S. Exchange. Can I participate?

No. This investigation only covers shares bought on a U.S. exchange, i.e. NASDAQ or NYSE. Fill out the form to find out your rights.

Am I included if I still hold my shares, or do I need to sell to participate?

Participation is based on purchasing shares during the relevant period, rather than your current holdings. Accordingly, you do not need to sell to participate. Fill out the form to find out your rights.