The Shareholders Foundation announces that an investigation on behalf of current long-term investors in shares of Accretive Health, Inc. (OTCMKTS:ACHI) shares was initiated concerning potential breaches of fiduciary duties by certain officers and directors at Accretive Health, Inc.
Investors who purchased shares of Accretive Health, Inc. (OTCMKTS:ACHI) in 2011 or earlier and currently hold any of those Accretive Health shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 – 1554.
The investigation by a law firm concerns whether certain Accretive Health, Inc. (OTCMKTS:ACHI
officers and directors breached their fiduciary duties and caused damage to the company and its shareholders.
Accretive Health, Inc. (OTCMKTS:ACHI) reported that its annual Total Revenue rose from $592.91 million in 2010 to $786.38 million in 2011 and that its respective Net Income increased from $12.62 million to $29.16 million.
Shares of Accretive Health, Inc. (OTCMKTS:ACHI) grew from $9.63 per share in November 2010 to as high as $30.26 per share in July 2011, respectively $27.06 per share in February 2012. Since then Accretive Health, Inc. did not report any annual results.
In January 2012, the State of Minnesota, by its Attorney General, filed a complaint against Accretive Health, Inc. In March 2012 Accretive Health, Inc. 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. Shortly after the announcements investors filed a lawsuit 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.
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.
Another lawsuit was filed in March 2013 against Accretive Health, Inc. over alleged securities laws violations between May 20, 2010 and February 26, 2013.
In September 2013 Accretive Health agreed to settle the lawsuit filed by investors in 2012 for $14 million.
Shares of Accretive Health, Inc. (OTCMKTS:ACHI) declined from over $27.00 per share in February 2012 to as low as $8.57 per share in May 2012 and continued to decline to $7.15 per share on May 15, 2014.
On June 13, 2014, Accretive Health, Inc. (OTCMKTS:ACHI) shares closed at $7.40 per share.
Those who purchased shares of Accretive Health, Inc. have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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