Ardent Health Faces Securities Fraud Allegations Over Collectability Issues

BFA Law Notifies Investors of the March 9 Class Action Deadline

Published on Feb. 15, 2026

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Leading securities law firm Bleichmar Fonti & Auld LLP has filed a class action lawsuit against Ardent Health, Inc. (NYSE:ARDT) and certain of the Company's senior executives for securities fraud after a significant stock drop resulting from potential violations of the federal securities laws. Investors have until March 9, 2026, to ask the Court to be appointed to lead the case.

Why it matters

The lawsuit alleges that Ardent Health misrepresented its accounts receivable collectability process, which allowed the company to report higher receivables and delay recognizing losses. This resulted in a significant stock drop when the company revealed issues with its collections and increased liability reserves.

The details

The complaint asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of investors in Ardent Health securities. The class action is pending in the U.S. District Court for the Middle District of Tennessee. According to the lawsuit, Ardent Health stated that it employed an active monitoring process to determine the collectability of its accounts receivable, but in truth, the company 'utilized a 180-day cliff at which time an account became fully reserved' instead of relying on 'detailed reviews of historical collections'.

  • On November 12, 2025, after market hours, Ardent Health revealed it had completed 'hindsight evaluations of historical collection trends' that resulted in a $43 million decrease in revenue for the quarter.
  • On November 12, 2025, Ardent Health also revealed that it increased its professional liability reserves by $54 million because of 'adverse prior period claim developments' resulting from a set of claims between 2019 and 2022 'as well as consideration of broader industry trends'.

The players

Ardent Health, Inc.

An operator of acute care hospitals and other healthcare facilities.

Bleichmar Fonti & Auld LLP

A leading international law firm representing plaintiffs in securities class actions and shareholder litigation.

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What’s next

Investors have until March 9, 2026, to ask the Court to be appointed to lead the case.

The takeaway

This case highlights the importance of accurate financial reporting and the potential consequences for companies that allegedly misrepresent their financial practices, which can lead to significant stock drops and legal action by investors.