Law Offices of Todd M. Garber Announces Class Action Lawsuit Against Accretive Health, Inc.
LOS ANGELES--(BUSINESS WIRE)-- The Law Offices of Todd M. Garber announces that a class action lawsuit has been filed in the United States District Court for the Northern District of Illinois on behalf of a class (the “Class”) comprising all purchasers of the securities of Accretive Health, Inc. (“Accretive” or the “Company”) (NYSE: AH ) between May 20, 2010 and February 26, 2013, inclusive (the “Class Period”). Accretive provides revenue cycle management services for hospitals and healthcare providers in the United States.
The Complaint alleges that during the Class Period defendants knew but misrepresented or failed to disclose to the investing public that: (1) the Company had improperly recognized revenue under certain managed service contracts; (2) the Company’s financial statements were not prepared in accordance with Generally Accepted Accounting Principles; (3) the Company lacked adequate internal and financial controls; and (4) as a result of the foregoing, the Company’s financial statements were materially false and misleading at all relevant times.
On February 26, 2013 Accretive announced that it will postpone the release of the Company’s financial results for the fourth quarter and full year 2012 because it is evaluating the timing of revenue recognition for its revenue cycle management agreements. Additionally, Accretive withdrew its financial guidance previously provided on November 7, 2012. On this news, shares of Accretive declined almost 20%.
If you are a member of the above-described Class, you may move the Court no later than July 19, 2013 to serve as lead plaintiff; however, you must meet certain legal requirements. To be a member of the Class you need not take any action at this time, or you may retain counsel of your choice. If you have information or would like to learn more about these claims, or if you purchased Accretive shares prior to the Class Period and have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Todd M. Garber, Esquire, of the Law Offices of Todd M. Garber, by telephone at 213-700-7262 or by email to firstname.lastname@example.org.
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Law Offices of Todd M. Garber, Los Angeles
Todd M. Garber, Attorney at Law
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