Lieff, Cabraser, Heimann & Bernstein, LLP Announces Class Action Lawsuits Against Accretive Health, Inc.
The law firm of Lieff, Cabraser, Heimann & Bernstein, LLP announces that class action lawsuits have been brought on behalf of all persons who purchased or otherwise acquired the securities of Accretive Health, Inc. (“Accretive Health” or the “Company”) (NYSE: AH) between March 2, 2011 and April 24, 2012, inclusive (the “Class Period”).
If you purchased Accretive Health securities during the Class Period, you may move the Court for appointment as lead plaintiff by no later than June 25, 2012. 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 Health shareholders who wish to learn more about the action and how to seek appointment as lead plaintiff should click here or contact Sharon Lee of Lieff Cabraser toll free at (800) 541-7358.
Background on the Accretive Health Securities Class LitigationThe actions are brought against Accretive Health and certain of its officers and directors for 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 actions allege that during the Class Period, defendants issued materially false and misleading statements regarding the Company’s business and prospects. Specifically, Accretive Health failed to disclose that it was in violation of health privacy laws, state debt collection laws and state consumer protection laws. On March 29, 2012, Accretive Health announced that in response to a lawsuit brought against the Company by the Attorney General of Minnesota, it agreed to no longer collect debts on behalf of Fairview Health Services (“Fairview”), one of its largest clients, and that the change would negatively impact its fiscal year 2012 revenue by $62 million to $68 million. Then, on April 24, 2012, the Minnesota Attorney General released a report highlighting aggressive practices used by Accretive Health, including demanding payment from patients seeking medical care in hospitals. On this news, Accretive Health’s stock plummeted $7.63 to close at $10.86 per share on April 25, 2012, a one-day decline of 41%.
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