Ardent Health Investors Face March 9 Lead‑Plaintiff Deadline in Securities Suits Over Receivables and Reserves

Overview

• Multiple class actions are pending in the U.S. District Court for the Middle District of Tennessee, including Postiwala v. Ardent Health, Inc., No. 3:26‑cv‑00022.
• The putative class period spans July 18, 2024 to November 12, 2025, covering statements about accounts receivable and professional liability exposures.
• Complaints allege Ardent touted detailed historical collection reviews while relying on a 180‑day reserving cliff that delayed losses on uncollectable accounts.
• Plaintiffs also claim malpractice insurance and reserves were inadequate, citing rising claim severity and pressures highlighted in Ardent’s New Mexico market.
• On Nov. 12, 2025, Ardent reported a $43 million revenue reduction tied to hindsight collection reviews, a $54 million increase in liability reserves, a cut to 2025 EBITDA guidance, and factors including payer denials and a new revenue accounting system.