WEST HARTFORD, CT--(Marketwire -04/30/12)- The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed 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) between March 2, 2011 and April 24, 2012, inclusive (the "Class Period").
The Complaint alleges that Accretive, a company that provides revenue cycle management services for hospitals and healthcare providers, and certain of its officers and directors violated the federal securities laws. Specifically, the defendants concealed that the Company was violating health privacy laws, state debt collection laws and state consumer protection laws. Further, Accretive failed to disclose the effect that the Company's violations of health privacy laws, state debt collection laws and state consumer protection laws would have on its future earnings.
On April 24, 2012, the Minnesota Attorney General released a report that highlighted aggressive practices used by Accretive, including demanding payment from people seeking care in emergency rooms and gaining access to private medical records. On this news, shares of Accretive fell 41% to close at $10.86 per share on April 25, 2012.
If you are a member of the class, you may, no later than June 25, 2012, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.
While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit: www.izardnobel.com/accretive/, or contact Izard Nobel LLP toll-free: (800)797-5499, or by e-mail: email@example.com. For more information about class action cases in general, please visit our website: www.izardnobel.com.