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Case Status:    SETTLED
On or around 03/08/2016 (Settlement preliminarily approval)

Filing Date: May 17, 2013

According to the law firm press release, Accretive is a leading provider of services that help healthcare providers generate improvements in their operating margins and healthcare quality.

On February 26, 2013, the Company withdrew its financial guidance for fiscal 2012 and disclosed that it was postponing the release of its financial results for the fourth quarter and full year 2012 “because it is evaluating the timing of revenue recognition for its revenue cycle management agreements.” Accretive also warned that, if it determined that it had incorrectly recognized revenue for its revenue cycle management agreements, it “may be required to restate prior-period financial statements.” On this news, shares of the Company’s stock fell $2.54 per share, or almost 21 percent, to close on February 27, 2013 at $9.57 per share, on unusually heavy trading volume. Subsequently, Accretive disclosed that it would restate its historical financial statements for 2010, 2011 and 2012.

The Complaint alleges that, throughout the Class Period, defendants failed to disclose material adverse facts about the Company’s financial well-being and prospects. Specifically, defendants failed to disclose or indicate the following: (1) that the Company had improperly recognized revenue under certain managed service contracts; (2) that the Company’s financial statements were not prepared in accordance with Generally Accepted Accounting Principles; (3) that the Company lacked adequate internal and financial controls; and (4) that, as a result of the foregoing, the Company’s financial statements were materially false and misleading at all relevant times.

On July 31, 2013, the Court appointed lead plaintiff and approving lead counsel.

On February 19, 2016, the parties entered into a Stipulation of Settlement. The Settlement was preliminarily approved by the Court on March 8.

COMPANY INFORMATION:

Sector:
Industry:
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: AH
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: N.D. Illinois
DOCKET #: 13-CV-03688
JUDGE: Hon. Joan B. Gottschall
DATE FILED: 05/17/2013
CLASS PERIOD START: 05/20/2010
CLASS PERIOD END: 02/26/2013
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Brodsky & Smith, LLC
    Two Bala Plaza, Suite 602, Brodsky & Smith, LLC, PA 19004
    610.667.6200 610.667.6200 ·
  2. Lasky & Rifkind, Ltd. (Chicago)
    350 North LaSalle Street, Suite 1320, Lasky & Rifkind, Ltd. (Chicago), IL 60654
    (312)634-0057 (312)634-0059 ·
No Document Title Filing Date
COURT: N.D. Illinois
DOCKET #: 13-CV-03688
JUDGE: Hon. Joan B. Gottschall
DATE FILED: 05/13/2015
CLASS PERIOD START: 05/20/2010
CLASS PERIOD END: 12/30/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Glancy Prongay & Murray LLP
    1925 Century Park East, Suite 2100 , Glancy Prongay & Murray LLP, CA 90067
    (310) 201-9150 (310) 432-1495 ·
  2. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
  3. The Young Law Firm
    347 Bridge St., Suite 201, The Young Law Firm, PA 19460
    610.933.4440 ·
No Document Title Filing Date