Accretive Health To Pay Millions To Resolve Investor Suit

Law360, New York (September 27, 2013, 4:19 PM EDT) -- Accretive Health Inc. agreed Thursday to pay millions to settle a class action in Illinois federal court accusing the medical debt collection agency of promoting a positive forecast to shareholders until a news report alleging unlawful collection tactics caused stock prices to plummet.

The suit was filed in April 2012 by investor Linda Wong, who argued that Mary A. Tolan, the company's CEO, and John T. Staton, the chief financial officer, repeatedly delivered deceptive statements that pumped up Accretive's stock price while concealing the fact that...
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