Accretive Health, Inc. (NYSE:AH) Investor Investigation Over Possible Securities Laws Violations

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Company Name(s): 
Accretive Health
Affected Securities: 

San Diego, April 4, 2012 (Shareholders Foundation) -- An investigation on behalf of investors of Accretive Health, Inc. (NYSE:AH) shares over potential securities laws violations by Accretive Health, Inc. and certain of its directors and in connection with certain statements was announced.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Accretive Health, Inc. (NYSE:AH) concerning whether a series of statements by Accretive Health, Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

Accretive Health, Inc. reported that its annual Revenue increased from $389.06million in 2008 to $826.28million in 2011 and that its Net Income surged from $1.24million for ’08 to $29.16million in 2011.

Shares of Accretive Health, Inc. (NYSE:AH) rose from as low as $9.63 per share in November 2010 to as high as $30.26 on July 22, 2011.

On January 19, 2012, the State of Minnesota, by its Attorney General, filed a complaint against Accretive Health, Inc. in the United States 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.

Then on March 29, 2012, Accretive Health, Inc. (NYSE:AH) filed an amendment to its previously filed annual report. Additionally, on the same day, Accretive Health (NYSE: AH) announced that in an ongoing effort to resolve its outstanding issues with the Minnesota Attorney General, Accretive Health and Fairview Health Services have decided to amend their revenue cycle operations agreement to transition the management of those operations to Fairview leadership. Accretive Health said that it expects the revenue impact of the new revenue cycle operations arrangement with Fairview to be in the range of $62 million to $68 million, or approximately 6% of the company's expected 2012 revenue. Accretive Health said it is working to offset the majority of this revenue shortfall with work from new and existing customers.

Shares of Accretive Health, Inc. (NYSE:AH) fell from $24.06 on March 28, 2012 to as low as $19.85 on March 29, 2012.

NYSE:AH shares closed on April 3, 2012 at $20.07 per share.