STEVENSON, MD--(Marketwire -05/02/12)- 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 the common stock of Accretive Health, Inc. ("Accretive" or the "Company") (AH - News) during the period between March 2, 2011 and April 24, 2012, inclusive (the "Class Period").
If you have suffered a net loss for all transactions in Accretive Health, Inc. common stock during the Class Period, 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 June 25, 2012 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. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that the Company was violating privacy standards under the Health Insurance Portability and Accountability Act and the Health Information Technology for Economic and Clinical Health Act by, among other things: failing to provide appropriate safeguards to prevent the misuse or disclosure of protected health information; failing to keep all protected health information strictly confidential; failing to develop, implement, maintain and use appropriate technical and physical safeguards to preserve the integrity, confidentiality and availability of protected health information and to prevent non-permitted use or disclosure of the information; and failing to encrypt protected patient health information. The complaint also alleges that the defendants failed to disclose during the Class Period that the Company was violating the terms of its contract with Fairview by failing to limit access of protected health information to the persons or classes of persons in its workforce who needed access to it in order to carry out their duties; was violating Minnesota state debt collection laws by, among other things, failing to provide patients with required disclosures identifying itself as a debt collection agency; was violating Minnesota consumer protection laws by, among other things, failing to disclose to patients the extent of the Company's access to data and the manner in which it utilizes such data. According to the complaint, after, on April 24, 2012, the Minnesota Attorney General released a report which highlighted aggressive practices used by Accretive Health, including demanding payment from people seeking care in emergency rooms, cancer wards and delivery rooms, 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.
Charles J. Piven
Brower Piven, A Professional Corporation