(EMAILWIRE.COM, April 28, 2012 ) New York, NY - Morgan & Morgan announces that a class action lawsuit has been filed in the United States District Court for the Northern District of Illinois on behalf of investors of Accretive Health, Inc. (“Accretive Health” or the “Company”). The complaint alleges that the Company issued materially false and/or misleading information between March 2, 2011 and April 24, 2012 (the “Class Period”) by failing to disclose violations of federally mandated privacy laws, debt collection laws, and consumer protection laws. The securities attorneys at Morgan & Morgan would like to hear from individuals who purchased Accretive Health securities during this time period to determine if they have legal recourse to recover damages. To contact the firm for a free evaluation of your claim, please call (888) 601-0206 or e-mail securitieslaw@ForThePeople.com for more information.
According to the complaint, on March 29, 2012, Accretive Health issued a press release announcing that in response to a lawsuit filed by the Minnesota Attorney General, the Company has agreed to no longer collect debts on behalf of Fairview Health Services and that this would negatively impact the Company’s 2012 revenue by $62 to $68 million. On this news, Accretive Health stock price dropped $4.46 per share. On April 24, the Minnesota Attorney General released a report which raised concerns over the aggressive practices used by Accretive Health in demanding payment from patients. On this news, Accretive Health stock dropped $7.63 per share.
If you purchased Accretive Health shares between March 2, 2011 and April 24, 2012, you may, no later than June 25, 2012, request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. The complaint in this action was not filed by Morgan & Morgan. For more information please contact Morgan & Morgan, Five Penn Plaza, 23rd floor, New York, New York 10001 or by telephone at (888) 601-0206, or by email to securitieslaw@ForThePeople.com, or visit our website at www.ForThePeople.com.
About Morgan & Morgan
Morgan & Morgan is one of the nation’s largest 200 law firms. In addition to securities law, the firm also practices in the areas of personal injury, consumer protection, overtime, and product liability. All of the Firm’s legal endeavors are rooted in its core mission: provide investor and consumer protection and always fight “for the people.” For more information, please visit www.ForThePeople.com.
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