This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Goldman Scarlato Karon & Penny, P.C. Announces Investigation Of Accretive Health, Inc.

Goldman Scarlato Karon & Penny, P.C. (“GSKP”) is investigating potential claims against Accretive Health, Inc. (NYSE: AH) (“Accretive Health” or the “Company”) to determine whether Accretive Health violated the federal securities laws by misrepresenting the sustainability of its business practices and its compliance with federal health privacy laws, state debt collection laws, state consumer protection laws and customer operating agreements between March 2, 2011 and April 24, 2012, inclusive.

On March 29, 2012, the Company disclosed that the Attorney General of Minnesota had filed a complaint against the Company alleging abuse of, and reckless disregard for, the security of legally-protected patient data. The Company also disclosed the July 2011 theft of a laptop computer containing unencrypted health data relating to 23,500 patients. Separately, the Company disclosed that as part of its efforts to reach a resolution with the Attorney General, the Company would terminate its contract with Fairview Health Services, which provided approximately six percent of the Company’s revenue. In response to this news, Accretive Health’s share price fell from $24.06 per share to $19.60 per share, or 18.54 percent.

On April 24, 2012, the Minnesota Attorney General issued a six-part report describing Accretive Health’s improper and illegal debt collection tactics. That evening, the New York Times published an article that described elements of this report, including Accretive Health’s misuse of confidential patient data, and the Company’s use of scripted tactics to misrepresent Company employees as hospital staff to improperly pressure patients for payments. In response to these disclosures, Accretive Health’s share price fell from $18.49 per share to $10.75 per share, or 41.86 percent on April 25, 2012, on extraordinary trading volume.

If you have information that would assist GSKP in its investigation or would like to discuss your legal rights, you may, without obligation or cost to you, e-mail or call GSKP at goldman@gskplaw.com or (484) 342-0700, toll free at 888-668-4130. GSKP also encourages anyone with information regarding Accretive Health’s conduct during the period in question to contact the Firm, including whistleblowers, former employees, shareholders, and others.

About Goldman Scarlato Karon & Penny, P.C.

GSKP prosecutes securities fraud, consumer fraud, price-fixing, ERISA class actions, and shareholder derivative actions throughout the U.S. The Firm’s lawyers have recovered hundreds of millions of dollars on behalf of consumers, investors and businesses.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,132.70 -81.72 -0.45%
S&P 500 2,104.50 -6.24 -0.30%
NASDAQ 4,963.5270 -24.3630 -0.49%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs