Ryan & Maniskas, LLP Announces Class Action Lawsuit Against Accretive Health, Inc.
WAYNE, Pa., May 21, 2013 /PRNewswire/ -- Ryan & Maniskas, LLP (www.rmclasslaw.com/cases/ah) 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 May 20, 2010 and February 26, 2013 (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 firstname.lastname@example.org or visit: www.rmclasslaw.com/cases/ah.
The complaint charges Accretive and other defendants with violations of the Federal Securities Laws. The complaint alleges that throughout the class period defendants failed to disclose the following: (1) that the Company had improperly recognized revenue under certain managed service contracts; (2) that the Company's financial statements were not prepared in accordance with Generally Accepted Accounting Principles ("GAAP"); (3) that the Company lacked adequate internal and financial controls; and (4) that, as a result of the foregoing, the Company's financial statements were materially false and misleading at all relevant times.
On February 26, 2013, the Company withdrew its financial guidance for fiscal 2012 and disclosed that it was postponing the release of its 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." Accretive also 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 the Company's stock fell $2.54 per share, or almost 21 percent, to close on February 27, 2013 at $9.57 per share, on unusually heavy trading volume. Subsequently, Accretive disclosed that it would restate its historical financial statements for 2010, 2011 and 2012.
If you are a member of the class, you may, no later than July 19, 2013, 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.
For more information about the case or to participate online, please visit: www.rmclasslaw.com/cases/ah or contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218, or by e-mail at email@example.com. For more information about class action cases in general or to learn more about Ryan & Maniskas, LLP, please visit our website: www.rmclasslaw.com.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.
SOURCE Ryan & Maniskas, LLP