Accretive Health Inc (NYSE: AH) Investor Securities Class Action Lawsuit 05/17/2013

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Company Name(s): 
Accretive Health
Case Name: 
Accretive Health Shareholder Class Action Lawsuit 05/17/2013
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
NYSE: AH
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
05/17/2013
Class Period Begin: 
05/20/2010
Class Period End: 
12/30/2014
Court of Filing: 
U.S. District Court for the Northern District of Illinois
Deadline To File for Lead: 
07/19/2013
Date Settled: 
03/08/2016
Settlement Amount: 
$3,900,000
Deadline to Participate in Settlement: 
07/06/2016
Summary: 

May 3, 2017 - The court ordered the authorization of the distribution of the net settlement fund.

June 28, 2016 - The court approved the settlement.

March 8, 2016 - The court preliminarily approved the settlement.

February 19, 2016 - Parties filed a stipulation of settlement.

June 3, 2015 - Defendants filed a motion to dismiss.

January 8, 2015 - The lead plaintiff filed a corrected amended complaint.

November 10, 2014 - The defendants filed a motion to dismiss.

October 23, 2014 - The lead plaintiff filed an amended complaint.

September 25, 2014 - The court granted the defendants' motion to dismiss without prejudice and granted lead plaintiff leave to file an amended complaint.

December 2, 2013 - The lead plaintiff filed an additional notice of voluntary dismissal of any and all claims against several defendants and filed an amended complaint against Accretive Health Inc and other individual defendants.

November 27, 2013 - The lead plaintiff filed a notice of voluntary dismissal without prejudice of any and all claims against several individual defendants.

July 31, 2013 - The lead plaintiff and lead counsel were appointed.

July 19, 2013 - A lead plaintiff motion was filed.

May 17, 2013 - An investor in shares of Accretive Health Inc (NYSE: AH) filed a lawsuit in the U.S. District Court for the Northern District of Illinois against Accretive Health Inc over alleged Violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between May 20, 2010 and February 26, 2013.

According to the complaint the plaintiff alleges on behalf of all those who purchased or otherwise acquired shares of Accretive Health Inc (NYSE: AH) between May 20, 2010 and February 26, 2013, that Accretive Health Inc violated the Securities Exchange Act of 1934.

More specifically, the plaintiff alleges that between May 20, 2010 and February 26, 2013, defendants allegedly failed to disclose material adverse facts about Accretive Health Inc's financial well-being and prospects.

Accretive Health Inc reported that its annual Total Revenue rose from $606.29 million in 2010 to $826.28 million in 2011 and that its respective Net Income increased from $12.62 million to $29.16 million.

Shares of Accretive Health Inc (NYSE: AH) grew from $9.63 per share in November 2010 to as high as $30.80 per share on August 1, 2011.

In January 2012, the State of Minnesota, by its Attorney General, filed a complaint against Accretive Health Inc in the U.S. District Court for the District of Minnesota alleging violations of federal and Minnesota state health privacy laws and regulations, Minnesota debt collection laws and Minnesota consumer protection laws resulting from, among other things, the theft in Minnesota in July 2011 of an employee’s laptop that contained protected health information.

In March 2012 Accretive Health Inc filed an amendment to its previously filed annual report. Additionally, on the same day, Accretive Health Inc (NYSE: AH) announced that in an ongoing effort to resolve its outstanding issues with the Minnesota Attorney General, Accretive Health Inc and Fairview Health Services have decided to amend their revenue cycle operations agreement to transition the management of those operations to Fairview leadership.

Shortly after the announcements investors filed a lawsuit in the U.S. District Court for the Northern District of Illinois against Accretive Health Inc over alleged Violations of Federal Securities Laws in connection with certain statements regarding its new Quality and Total Cost of Care service initiative. The lawsuit was initially filed for investors who purchased shares of Accretive Health Inc (NYSE: AH) between March 2, 2011 and April 24, 2012, but was later expanded to investors who filed between November 10, 2010 and April 27, 2012.

Shares of Accretive Health Inc (NYSE: AH) declined from over $26 in early 2012 to as low as $8.57 in May 2012.

In July 2012, Accretive Health Inc and the Minnesota Attorney General entered into a Settlement Agreement.

Then on February 26, 2013, Accretive Health Inc announced that it will postpone the release of its financial results for the fourth quarter and full year 2012, as well as its previously announced investor conference call scheduled for February 27, 2013, because it is evaluating the timing of revenue recognition for its revenue cycle management agreements.

NYSE: AH shares declined from $12.11 per share on February 26, 2013, to $9.40 per share on March 4, 2013.

Then on March 8, 2013, Accretive Health Inc disclosed that on March 4, 2013, the Audit Committee of the Board of Directors of Accretive Health Inc based on the recommendation of management and after consultation with Accretive Health Inc's independent registered public accounting firm, determined that Accretive Health Inc will restate its previously issued financial statements.

Accretive Health Inc said it expects that it will restate its financial statements for the years ended December 31, 2010 and 2011 and the quarterly periods within these years commencing with the second quarter of 2010, as well as the first three quarterly periods of the year ended December 31, 2012.

Shares of Accretive Health Inc (NYSE: AH) declined in April 2013 to as low as $9.08 per share.

On May 20, 2013, Accretive Health Inc (NYSE: AH) shares closed at $11.09 per share.