A lawsuit was filed by a current long-term investor in NYSE:AH shares over alleged breaches of fiduciary duty by certain directors at Accretive Health, Inc. and other current long-term NYSE:AH stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 07/10/2012 -- An investor in NYSE:AH filed a lawsuit against certain directors and officers of Accretive Health, Inc.in connection with certain statements regarding the new Quality and Total Cost of Care service initiative
Investors who are current long term investors in Accretive Health, Inc. (NYSE:AH) shares, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff alleges that certain officer and directors issued allegedly deceptive statements about Accretive Health’s collection practices and financial outlook.
On March 29, 2012, Accretive Health, Inc. filed an amendment to its previously filed annual report. Additionally, on the same day, Accretive Health announced that in an ongoing effort to resolve its outstanding issues with the Minnesota Attorney General, Accretive Health and Fairview Health Services have decided to amend their revenue cycle operations agreement to transition the management of those operations to Fairview leadership. Accretive Health said that it expects the revenue impact of the new revenue cycle operations arrangement with Fairview to be in the range of $62 million to $68 million, or approximately 6% of the company's expected 2012 revenue. Accretive Health said it is working to offset the majority of this revenue shortfall with work from new and existing customers.
Then, on April 24, 2012, the Minnesota Attorney General released a report which highlighted practices used by Accretive Health. On April 25, Minnesota Attorney General Lori Swanson had filed a lawsuit against Accretive Health alleging violations of U.S. and state patient-privacy and debt-collection laws.
The plaintiff alleges that defendants allegedly know that the company was violating patient privacy law by making private health information available to its debt collectors, and allegedly concealed from shareholders the effect the company's violations would have on earnings.
Shares of Accretive Health, Inc. (NYSE:AH) fell from over $24 in March to as low as $8.46 per share In May.
On July 9, 0212, NYSE:AH closed at $11.11 per share, significantly below its current 52weekHigh of $32.82 per share.
Those who are current long term investors in Accretive Health, Inc. (NYSE:AH) shares, have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Joelle Day
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com