Investigation Alert: Long Term Investors in Shares Accretive Health, Inc. (NYSE:AH)
The investigation for investors in shares of Accretive Health, Inc. (NYSE:AH) over potential wrongdoing by certain officers and directors of Accretive Health continues and NYSE:AH stockholders should contact the Shareholders Foundation at mail at shareholdersfoundation.com
San Diego, CA -- (SBWire) -- 03/06/2013 --An investigation on behalf of investors in shares of Accretive Health, Inc. (NYSE:AH) was announced concerning whether certain Accretive Health officers and directors possibly breached their fiduciary duties in connection with certain statements.
Investors who are current long term stockholders of shares of Accretive Health, Inc. (NYSE:AH) 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 concerns whether certain Accretive Health officers and directors breached their fiduciary duties and caused damage to the company. and its shareholders by failing to implement adequate internal controls and misstating the company's financial results.
Accretive Health, Inc. (NYSE:AH) reported that its annual Total Revenue rose from $398.47 million in 2008 to $786.38 million in 2011 and that its Net Income for those respective time periods increased from $1.24 million to $29.16 million.
Shares of Accretive Health, Inc. (NYSE:AH) grew from $9.63 per share in November 2010 to $30.26 per share in July 2012.
On March 29, 2012, Accretive Health, Inc. announced that in response to a lawsuit filed by Minnesota’s Attorney General, Accretive Health, Inc. had agreed to no longer collect debts on behalf of Fairview Health Services and would transition management of those operations to Fairview. Then, on April 24, 2012, the Minnesota Attorney General released a report which highlighted aggressive practices used by Accretive Health, Inc.
Shares of Accretive Health, Inc. (NYSE:AH) declined from $24.67 per share in late March to as low as $8.54 in early May 2012.
Several lawsuits by investors were filed in 2012 over alleged securities laws violations. According to the plaintiffs Accretive Health, Inc. allegedly failed to disclose between March 2, 2011 and April 24, 2012, that it was violating health privacy laws, state debt collection laws and state consumer protection laws and as a result of defendants’ statements, Accretive Health’s stock traded at artificially inflated prices between March 2, 2011 and April 24, 2012, reaching a high of $30.80 per share on August 1, 2011.
For the first three quarters in 2012 Accretive Health, Inc. reported a combined nine months Total Revenue of $713.56 million with a combined nine months Net Income of $3.66 million.
Then on Feb. 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.
Shares of Accretive Health, Inc. (NYSE:AH) fell to as low as $8.57 per share on Feb. 27, 2013.
On March 5, 2013, NYSE:AH shares closed at $9.40 per share, which is substantially below its current 52 week High of $25.28 per share.
Those who are current long term stockholders of 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
Media Relations Contact
CR and Media Manager
Shareholders Foundation, Inc.
View this press release online at: http://rwire.com/218010