Ardent Health Faces Securities Class Actions After Revenue and Reserve Disclosures Trigger 33% Selloff

Overview

• Multiple investor firms report the case is pending as Postiwala v. Ardent Health, Inc., No. 3:26-cv-00022, in the U.S. District Court for the Middle District of Tennessee.
• Complaints cite Ardent’s November 12, 2025 disclosure of a roughly $43 million Q3 revenue reduction tied to revised accounts receivable collectability following adoption of the Kodiak RCA platform.
• Plaintiffs allege Ardent previously emphasized “hindsight” reviews while relying on a 180‑day cliff to fully reserve accounts, a claim the company has not admitted.
• Ardent also recorded about a $54 million increase in professional liability reserves tied to New Mexico claim developments and cut 2025 EBITDA guidance by approximately $57.5 million at the midpoint.
• Shares fell about $4.75, or roughly 33%–34%, to close at $9.30 on November 13, 2025, and several firms are soliciting class members and whistleblower information.