Ryan & Maniskas, LLP (
) announces that a class action lawsuit has been filed in United States District Court for Northern District Of Illinois on behalf of purchasers of Accretive Health, Inc. (“Accretive Health” or the “Company”) (NYSE: AH) common stock during the period between March 2, 2011 and April 24, 2012 (the “Class Period”).
For more information regarding this class action suit, please contact Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at
The complaint charges Accretive Health and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Accretive Health provides revenue cycle management services for hospitals and healthcare providers in the United States. The complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding the Company’s business and prospects. Specifically, the Company failed to disclose that it was violating health privacy laws, state debt collection laws and state consumer protection laws.
On March 29, 2012, Accretive Health revealed that, in response to a lawsuit filed by Minnesota Attorney General ("AG"), the Company had agreed to no longer collect debts on behalf of Fairview Health Services. On this news, Accretive shares declined $4.46 per share or 18.5%, to close at $19.60 per share on March 29, 2012.
On April 24, 2012, the Minnesota AG released a six-volume report detailing Accretive Health's aggressive debt collection practices, including demanding payment from patients who were currently seeking medical care in hospitals. The next day, an article published by The New York Times discussed the Minnesota AG's report. On these revelations, Accretive Health shares declined $7.74 per share or nearly 42%, to close at $10.75 per share on April 25, 2012.
If you are a member of the class, you may, no later than June 25, 2012, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.