Ryan & Maniskas, LLP Announces Class Action Lawsuit Against Accretive Health, Inc.
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 March 2, 2011 and April 24,
2012 (the “Class Period”).
The complaint charges Accretive Health and certain of its officers and
directors with violations of the Securities Exchange Act of 1934.
Accretive Health provides revenue cycle management services for
hospitals and healthcare providers in the United States. The complaint
alleges that during the Class Period, defendants issued materially false
and misleading statements regarding the Company’s business and
prospects. Specifically, the Company failed to disclose that it was
violating health privacy laws, state debt collection laws and state
consumer protection laws.
On March 29, 2012, Accretive Health revealed that, in response to a
lawsuit filed by Minnesota Attorney General ("AG"), the Company had
agreed to no longer collect debts on behalf of Fairview Health Services.
On this news, Accretive shares declined $4.46 per share or 18.5%, to
close at $19.60 per share on March 29, 2012.
On April 24, 2012, the Minnesota AG released a six-volume report
detailing Accretive Health's aggressive debt collection practices,
including demanding payment from patients who were currently seeking
medical care in hospitals. The next day, an article published by The New
York Times discussed the Minnesota AG's report. On these revelations,
Accretive Health shares declined $7.74 per share or nearly 42%, to close
at $10.75 per share on April 25, 2012.
If you are a member of the class, you may, no later than June 25, 2012,
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
or contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218, or
by e-mail at firstname.lastname@example.org.
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