Lieff Cabraser Reminds Accretive Health Investors of Upcoming Deadline in
Putative Class Action Lawsuit – AH
SAN FRANCISCO -- July 2, 2013
Lieff Cabraser Heimann & Bernstein, LLP reminds investors of the July 19, 2013
deadline to move for appointment as lead plaintiff in the securities putative
class action brought on behalf all persons who purchased or otherwise acquired
the securities of Accretive Health, Inc. (“Accretive” or the “Company”) (NYSE:
AH) between May 20, 2010 and February 26, 2013, inclusive (the “Class
Period”), including purchasers of the Company’s securities pursuant or
traceable to the Company’s initial public offering (“IPO”) on or about May 20,
2010 and purchasers of the Company’s securities pursuant or traceable to the
Company’s secondary public offering (“SPO”) on or about March 25, 2011.
If you purchased or otherwise acquired Accretive securities during the Class
Period, including in connection with the Company’s IPO or SPO, you may move
the Court for appointment as lead plaintiff by no later than July 19, 2013. A
lead plaintiff is a representative party who acts on behalf of other class
members in directing the litigation. Your share of any recovery in the action
will not be affected by your decision of whether to seek appointment as lead
plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel
in the action.
Accretive investors who wish to learn more about the action and how to seek
appointment as lead plaintiff should click here or contact Michael J. Miarmi
of Lieff Cabraser toll-free at 1-800-541-7358.
The Complaint charges Accretive and other defendants with violations of
federal securities laws.
On February 26, 2013, the Company withdrew its financial guidance for fiscal
2012 and warned that, if it determined that it had incorrectly recognized
revenue for its revenue cycle management agreements, it “may be required to
restate prior-period financial statements.” On this news, shares of Accretive
stock dropped $2.54 per share, or almost 21%, to close on February 27, 2013 at
$9.57 per share. Subsequently, the Company disclosed that it would restate its
historical financial statements for 2010, 2011, and 2012.
The Complaint alleges that, throughout the Class Period, defendants failed to
disclose that: (1) Accretive 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.
About Lieff Cabraser
Lieff Cabraser is a nationally recognized law firm committed to advancing the
rights of investors and promoting corporate responsibility.
Since 2003, the National Law Journal has selected Lieff Cabraser as one of the
top plaintiffs’ law firms in the nation. Lieff Cabraser is one of only two
plaintiffs’ law firms in the United States to receive this honor for the last
ten consecutive years.
For more information about Lieff Cabraser and the firm’s representation of
investors, please visit http://www.lieffcabraser.com.
Lieff Cabraser Heimann & Bernstein, LLP
Michael J. Miarmi, 1-800-541-7358
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