If you have purchased shares of Accretive Health, Inc. (NYSE:AH) between May 20, 2010 and February 26, 2013, call 1-800-934-2921 right now to protect your rights.
Filing deadline: 07/19/2013
The plaintiff in this case, an Accretive Health investor, alleges that Accretive violated the Securities Exchange Act of 1934 by issuing misleading statements to its shareholders about adverse financial information. Specifically, the company reported that between 2010 and 2011 its total revenue rose by $219.99 million and its net income increased $16.54 million. The result was that Accretive stock, NYSE.AH, rose from $9.63 per share in 2010 to $30.80 per share in 2011.
Among the events leading to the class action lawsuit include a complaint filed in January 2012 against Accretive Health by the Attorney General of Minnesota alleging that Accretive had violated state laws and regulations regarding health privacy, debt collection and consumer protection. The lawsuit was filed after it was discovered by the Attorney General that an Accretive employee’s laptop that contained protected information was stolen in July 2011.
This Minnesota Attorney General’s lawsuit resulted in Accretive filing an amendment to its annual report and announcing that it would be amending its revenue cycle operations agreement to move that agreement to Fairview Health Services leadership. A settlement with the Minnesota Attorney General lawsuit was entered into in July 2012.
In March 2013, the Audit Committee of the Board of Directors of Accretive Health determined that financial statements that had been previously released would be restated. That decision was based on a consultation with Accretive’s public accounting firm as well as a recommendation by Accretive’s management. The years that it expected to restate included 2010 and 2011 and the first three quarters of year ended December 31, 2012.
From early 2012 to May 2012 shares declined by $17.43 to a low of $8.57. In April 2013, shares reached a low of $9.08 per share and by May 2013 a low of $11.09 per share.
Own shares of Accretive Health, Inc. (NYSE:AH)? Contact us to protect your rights.
If you have purchased shares of Accretive Health, Inc. (NYSE:AH) between May 20, 2010 and February 26, 2013, call 1-800-934-2921 right now to protect your rights. Complete the form on this page or call attorney Bill Kyros at 1-800-934-2921 right now to protect your rights.