Ardent Health Hit With Securities Class Action Over Receivables and Reserve Disclosures

Overview

• The case, Postiwala v. Ardent Health, Inc., No. 3:26-cv-00022, is pending in the U.S. District Court for the Middle District of Tennessee.
• The proposed class covers investors who bought Ardent Health securities from July 18, 2024 through November 12, 2025.
• Plaintiffs allege Ardent misrepresented its accounts receivable process by touting detailed hindsight reviews while using a 180‑day cliff to fully reserve accounts.
• Disclosures on November 12, 2025 included a ~$43 million revenue reduction tied to the new Kodiak RCA system, a ~$54 million increase in professional liability reserves, and a cut to 2025 EBITDA guidance.
• Ardent shares fell about 33% on November 13, 2025, and multiple firms are recruiting class members as Hagens Berman also investigates potential internal-control weaknesses.