An investigation on behalf of current long term investors in Accretive Health, Inc. (NYSE:AH) shares over possible breaches of fiduciary duty by certain officers and directors was announced and NYSE:AH stockholders should contact the Shareholders Foundation at firstname.lastname@example.org
San Diego, CA -- (SBWIRE) -- 08/06/2013 -- An investigation on behalf of investors, who purchased shares of Accretive Health, Inc. (NYSE:AH) in 2011 or earlier and currently hold any of these NYSE:AH shares, was initiated concerning whether certain directors and officers of Accretive Health, Inc. (NYSE:AH) breached their fiduciary duties in connection with certain statements made between May 20, 2010 and February 26, 2013..
Investors who purchased shares of Accretive Health, Inc. (NYSE:AH) in 2011 or earlier and currently hold any of these NYSE:AH shares, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm for current long term investors in Accretive Health, Inc. (NYSE:AH) stocks follows a lawsuit filed earlier this year against Accretive Health, Inc. over alleged securities laws violations. The investigation on behalf of current long term investors in Accretive Health, Inc. (NYSE:AH) stocks, concerns whether certain Accretive Health officers and directors are liable in connection with the allegations made in that lawsuit.
According to that complaint filed in the U.S. District Court for the Northern District of Illinois the plaintiff alleges that Accretive Health, Inc. violated the Securities Exchange Act of 1934. More specifically, the plaintiff alleges that between May 20, 2010 and February 26, 2013, defendants allegedly failed to disclose material adverse facts about the Company’s financial well-being and prospects.
In January 2012, the State of Minnesota, by its Attorney General, filed a complaint against Accretive Health, Inc. in the U.S. District Court for the District of Minnesota alleging violations of federal and Minnesota state health privacy laws and regulations, Minnesota debt collection laws and Minnesota consumer protection laws resulting from, among other things, the theft in Minnesota in July 2011 of an employee’s laptop that contained protected health information.
In March 2012 Accretive Health, Inc. filed an amendment to its previously filed annual report. Additionally, on the same day, Accretive Health (NYSE: AH) 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.
In July 2012, Accretive Health, Inc. and the Minnesota Attorney General entered into a Settlement Agreement. Then on February 26, 2013, Accretive Health, Inc. announced that it will postpone the release of its financial results for the fourth quarter and full year 2012, as well as its previously announced investor conference call scheduled for February 27, 2013, because it is evaluating the timing of revenue recognition for its revenue cycle management agreements.
Then on March 8, 2013, Accretive Health, Inc. disclosed that on March 4, 2013, the Audit Committee of the Board of Directors of Accretive Health, Inc., based on the recommendation of management and after consultation with the Company's independent registered public accounting firm, determined that Accretive Health, Inc. will restate its previously issued financial statements. Accretive Health, Inc. said it expects that it will restate its financial statements for the years ended December 31, 2010 and 2011 and the quarterly periods within these years commencing with the second quarter of 2010, as well as the first three quarterly periods of the year ended December 31, 2012.
Shares of Accretive Health declined in April 2013 to as low as $9.08 per share.
On August 5, 2013, NYSE:AH shares closed at $9.93 per share.
Those who are current long term investors in shares of Accretive Health, Inc. (NYSE:AH) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego