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Law Offices of Todd M. Garber Announces Class Action Lawsuit Against Accretive Health Inc


Saturday, 15 Jun 2013 01:46am EDT 

Law Offices of Todd M. Garber announced 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 between May 20, 2010 and February 26, 2013, inclusive (the Class Period). 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%. 

Company Quote

13.995
0.035 +0.25%
17 Apr 2014