STEVENSON, Md., May 22, 2013 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of Illinois on behalf of purchasers of Accretive Health, Inc. ("Accretive" or the "Company") (NYSE:AH) common stock during the period between May 20, 2010 and February 26, 2013, inclusive (the "Class Period"), including purchasers of the Company's common stock pursuant or traceable to the Company's initial public offering ("IPO") on or about May 20, 2010, and purchasers of the Company's common stock pursuant to or traceable to the Company's secondary public offering ("SPO") on or about March 25, 2011.
If you have suffered a net loss from investment in Accretive Health, Inc. common stock either during the IPO or SPO, or purchased on or after May 20, 2010, and held through February 26, 2013, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at firstname.lastname@example.org, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than July 19, 2013 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period.
The complaint accuses the defendants of violations of the Securities Act of 1933 and of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that the Company had improperly recognized revenue under certain managed service contracts and that the Company's financial statements were not prepared in accordance with Generally Accepted Accounting Principles. According to the complaint, following the Company's February 26, 2013 disclosure that it was withdrawing its financial guidance for fiscal year 2012, that it was postponing the release of its financial results for the fourth quarter and full year 2012 because it was evaluating the timing of revenue recognition for its revenue cycle management agreements, and that if it had incorrectly recognized revenue for its revenue cycle management agreements, it may be required to restate prior-period financial statements, the value of Accretive shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT: Charles J. Piven Brower Piven, A Professional Corporation Stevenson, Maryland 410/415-6616 email@example.comSource: Brower Piven, A Professional Corporation