A lawsuit was filed for certain investors in shares of Accretive Health, Inc. (NYSE:AH) over alleged securities laws violations. Deadline: July 19, 2013. NYSE:AH investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 05/21/2013 -- An investor in shares of Accretive Health, Inc. (NYSE:AH) filed a lawsuit in the U.S. District Court for the Northern District of Illinois over alleged Violations of Federal Securities Laws by Accretive Health, Inc. in connection with certain allegedly false and misleading statements made between May 20, 2010 and February 26, 2013.
Investors who purchased shares of Accretive Health, Inc. (NYSE:AH) between May 20, 2010 and February 26, 2013, have certain options and there are short and strict deadlines running. Deadline: July 19, 2013. NYSE:AH investors should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the complaint the plaintiff alleges on on behalf of all those who purchased or otherwise acquired shares of Accretive Health, Inc. (NYSE:AH) between May 20, 2010 and February 26 2013, 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.
Accretive Health, Inc. reported that its annual Total Revenue rose from $606.29 million in 20010 to $826.28 million in 2011 and that its respective Net Income increased from $12.62 million to $29.16 million.
Shares of Accretive Health, Inc. (NYSE:AH) grew from $9.63 per share in Nov. 2010 to as high as $30.80 per share on August 1, 2011
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.
Shortly after the announcements investors filed a lawsuit U.S. District Court for the Northern District of Illinois against Accretive Health, Inc over alleged Violations of Federal Securities Laws in connection with certain statements regarding its new Quality and Total Cost of Care service initiative. The lawsuit was initially filed for investors who purchased shares of Accretive Health, Inc. (NYSE:AH) between March 2, 2011 and April 24, 2012, but was later expanded to investors who filed between November 10, 2010 and April 27, 2012.
Shares of Accretive Health, Inc. declined from over $26 in early 2012 to as low as $8.57 in May 2012.
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.
NYSE:AH shares declined from $12.11 per share on Feb. 26, 2013, to $9.40 per share on March 4, 2013.
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 May 20, 2013, NYSE:AH shares closed at $11.09 per share.
Those who purchased shares of Accretive Health, Inc. (NYSE:AH) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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