, /PRNewswire/ – National shareholder rights firm Hagens Berman is notifying Ardent Health, Inc. (NYSE: ARDT) investors that a securities class action lawsuit has been filed against the company and certain of its executives following the company’s disastrous Q3 2025 financial results.

Hagens Berman is investigating the alleged claims that Ardent misled investors about its revenue recognition systems and the adequacy of its professional liability reserves. The firm urges investors who purchased Ardent securities between July 18, 2024 and November 12, 2025 and suffered substantial losses to contact the firm now.

[CLICK HERE TO SUBMIT YOUR ARDT LOSSES]

View our latest video summary of the allegations: www.youtube.com/watch?v=ucqsF9PZIEA

Class Period: July 18, 2024 – Nov. 12, 2025 Lead Plaintiff Deadline: Mar. 9, 2026 Visit: www.hbsslaw.com/investor-fraud/ardt Contact the Firm Now: [email protected] 844-916-0895

The ARDT Securities Class Action & Its Allegations:

The complaint alleges that for over a year Ardent assured investors that it engaged in an active monitoring process that included "detailed reviews of historical collections" and that "[o]ur collection procedures are followed until such time that management determines the account is uncollectible, at which time the account is written off."

The complaint alleges that these- and other- statements were misleading because Ardent did not primarily rely on detailed reviews of historical collections in determining accounts receivable collectability, but instead utilized a 180-day cliff at which time an account became fully reserved.

The truth allegedly emerged on November 12, 2025, when Ardent revealed that it transitioned to a new accounting method in Q3 2025 for estimating the collectability of accounts receivable, which forced it to slash revenue by $42.6 million to account for hindsight evaluations.

During the earnings call the next day, Ardent’s CFO revealed that, in apparent contrast to earlier assurances about the hindsight analysis, the company’s collectability framework "had utilized a 180-day cliff at which time an account became fully reserved" and that its new revenue accounting system "recognizes reserves earlier in an account’s life cycle[.]"

In addition to the revenue decrease, Ardent revealed that "[t]he increase in total operating expenses as a percentage of total revenue was […] driven by an increase in professional liability reserves of $47.2 million[.]"

The market reacted swiftly to this news and sent the price of Ardent shares tumbling $4.75 (-33%) lower the next day.

"We are looking into whether Ardent knew of problems with its revenue accounting system that masked payor denials," said Reed Kathrein, the Hagens Berman partner leading the firm’s investigation of the pending alleged claims.

If you’d like more information and answers to frequently asked questions about the Ardent Health case and our investigation, read more »

**Whistleblowers: **Persons with non-public information regarding Ardent Health should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected].

About Hagens Berman Hagens Berman is a global plaintiffs’ rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman’s team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.

SOURCE Hagens Berman Sobol Shapiro LLP

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