Overview

A class action lawsuit has been filed against Ardent Health, Inc., (“Ardent,” or the “Company”) (NYSE : ARDT) and certain of the Company’s senior executive officers (collectively, “Defendants”) alleging violations of federal securities laws. The Ardent lawsuit is brought on behalf of all persons and entities who purchased or otherwise acquired Ardent securities between July 18, 2024, and November 12, 2025, both dates inclusive (the “Class Period”). Investors have until March 9, 2026, to seek appointment as lead plaintiff of the Ardent class action lawsuit.

Ardent and its affiliates operate acute care hospitals and other healthcare facilities. Ardent Health generates virtually all its revenue from “net patient service revenue,” which consists of revenue from general and specialty services, including internal medicine, general surgery, and emergency services, within inpatient and ambulatory care.

The lawsuit alleges Ardent made false and/or misleading statements regarding the Company’s accounts receivable. During the Class Period, Defendants publicly reported the Company’s accounts receivable on a quarterly basis. They further stated that Ardent employed an active monitoring process to determine the collectability of its accounts receivable, and that this process included “detailed reviews of historical collections” as a “primary source of information.” Further, Defendants represented that Ardent “management determines [when an] account is uncollectible, at which time the account is written off.”

However, in truth, Ardent did not primarily rely on “detailed reviews of historical collections” in determining collectability of accounts receivable nor did “management determine[] [when an] account is uncollectible.” According to the lawsuit, as Ardent began to reveal increased claim denials by third-party payors, Defendants downplayed the issue and did not write-off the uncollectible amounts. The Company’s accounts receivable framework “utilized a 180-day cliff at which time an account became fully reserved,” which allowed Ardent to report higher amounts of accounts receivable during the Class Period, and delay recognizing losses on uncollectable accounts.

The truth was revealed on November 12, 2025, when Ardent revealed a $43 million decrease in third quarter 2025 revenue and a $54 million increase in professional liability reserves. Ardent also announced a cut to 2025 EBITDA guidance of $57.5 million at the midpoint, or approximately 9.6% due to “persistent industry-wide cost pressures,” including “payer denials.” On this news, the price of Ardent Health stock fell $4.75 per share, or nearly 34%, from $14.05 per share on November 12, 2025, to close at $9.30 per share on November 13, 2025.

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If you purchased or otherwise acquired Ardent securities between July 18, 2024, and November 12, 2025, and you wish to serve as lead plaintiff in this lawsuit, you are encouraged to submit your information to DiCello Levitt LLP via the form on this page. 

You can also contact DiCello Levitt attorneys Brian O’Mara or Hani Farah by calling (888) 287-9005 or at investors@dicellolevitt.com. 

The deadline to apply to the Court to serve as a lead plaintiff in the Ardent lawsuit is March 9, 2026.