Hagens Berman today reminded investors that only 14 days remain before the June 25, 2012, lead plaintiff deadline in a securities class-action lawsuit filed against Accretive Health Inc. (NYSE:AH) ("Accretive Health").
Investors who purchased or otherwise acquired shares of Accretive Health common stock between March 2, 2011, and April 24, 2012 (the "Class Period"), and who suffered losses exceeding $100,000 are encouraged to contact Hagens Berman Partner Reed Kathrein. Mr. Kathrein is leading Hagens Berman's investigation and can be reached at (510) 725-3000. Investors may also contact the firm via email at AH@hbsslaw.com or by visiting www.hb-securities.com/AH.
Any member of the putative 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 share price of Accretive Health common stock fell nearly 19 percent following the company's announcement on March 29, 2012, that it would no longer collect debts for Fairview Health Services. This shift was predicted to have a revenue impact "in the range of $62 million to $68 million, or approximately 6% of the company's expected 2012 revenue," according to the company.
Then, on April 24, 2012, the Minnesota Attorney General released a report outlining a number of aggressive practices used by Accretive Health, including the stationing of debt collectors in emergency rooms.
The following day, April 25, 2012, the stock price fell again, this time dropping by nearly 41 percent.
Persons with knowledge that may help the investigation are encouraged to contact the firm. The SEC recently finalized new rules as part of its implementation of the whistleblower provisions in the Dodd-Frank Wall Street Reform Bill. The new rules protect whistleblowers from employer retaliation and allow the SEC to reward those who provide information leading to a successful enforcement with up to 30 percent of the recovery.
About Hagens Berman
Hagens Berman Sobol Shapiro LLP is an investor-rights class-action law firm with offices in 10 cities. The firm represents whistleblowers, workers and consumers in complex litigation. More about the law firm and its successes can be found at www.hbsslaw.com. The firm's securities law blog is at www.meaningfuldisclosure.com and its securities website is located at www.hb-securities.com.
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