Lieff Cabraser Reminds Accretive Health Investors of Upcoming Deadline in Putative Class Action Laws
Jul 2nd 2013 9:21AM
Updated Jul 2nd 2013 9:22AM
Lieff Cabraser Reminds Accretive Health Investors of Upcoming Deadline in Putative Class Action Lawsuit - AH
SAN FRANCISCO--(BUSINESS WIRE)-- 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") (NYS: 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.
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
KEYWORDS: United States North America California
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