Glancy Binkow & Goldberg LLP announces that a class action lawsuit has been filed in the United States District Court for the Northern District of Illinois on behalf of all persons or entities who purchased or otherwise acquired the common stock of Accretive Health, Inc. (“Accretive Health” or the “Company”) (NYSE:AH) between March 2, 2011 and April 24, 2012, inclusive (the “Class Period”) seeking to pursue remedies under the Securities Exchange Act of 1934.
Accretive Health provides revenue cycle management services for hospitals and healthcare providers in the United States, including integrated revenue cycle management services and physician advisory services. The Complaint alleges that defendants misrepresented or failed to disclose that, among other things: (a) the Company was violating privacy standards under the Health Insurance Portability and Accountability Act (HIPPA) and the Health Information Technology for Economic and Clinical Health Act (HITECH); (b) the Company failed to encrypt protected patient health information; (c) the Company was violating the terms of its contract with Minnesota-based Fairview Health Services (“Fairview”) by failing to limit access of protected health information to the persons or classes of persons in its workforce who needed access to carry out their duties; (d) the Company was violating Minnesota state debt collection laws; (e) the Company was violating Minnesota consumer protection laws by, among other things, failing to disclose to patients its extensive involvement in their healthcare, including the extent of the Company's access to data and the manner in which it utilizes such data; (f) the effect the Company's violations of health privacy laws, state debt collection laws and state consumer protection laws would have on its future earnings and on its relationship with Fairview Health Services; and (g), defendants lacked a reasonable basis for their positive statements about the Company or its revenue outlook.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased Accretive Health common stock during the Class Period described above, you have certain rights, and have until June 25, 2012 to move for lead plaintiff status. To be a member of the class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent class member. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, by telephone at (310) 201-9150 or Toll Free at (888) 773-9224, by e-mail to firstname.lastname@example.org.
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