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News Breaks
March 4, 2013
16:46 EDTAHAccretive Health to delay filing Form 10-K
Accretive Health has determined that it is unable to file its Annual Report on Form 10-K for the year ended December 31, 2012 within the prescribed time period without unreasonable effort or expense for the following reason. As discussed in the company’s press release filed with the SEC on February 26, the company has been evaluating the manner in which it recognizes revenue for its revenue cycle management agreements. On March 4, the Audit Committee of the Board of Directors determined that the company will restate its financial statements. The Audit Committee made this determination following consultation with and upon the recommendation of management and following consultation with Ernst & Young LLP. The company believes, based on information available to date, that such restatement will have no impact on total revenue recognized over the life of a contract or the timing or magnitude of cash flow from operations, and will defer the timing of revenue recognition and lead to an increase in deferred revenue or other liabilities reported in prior periods. Because the company is in the process of restating its financial statements as described above, the company has not been able to complete its financial statements for the year ended December 31, 2012 and, accordingly, is unable to file its Annual Report on Form 10-K within the prescribed time period. The company will, on or before March 8, file a Current Report on Form 8-K with the SEC to report the Audit Committee’s determination described above. As a result of the company’s inability to file its Annual Report on Form 10-K within the prescribed time period, the company anticipates that it will receive a notice from the New York Stock Exchange indicating that it is not currently in compliance with continued listing requirements under the timely filing criteria outlined in Section 802.01E of the NYSE-Listed company Manual. This notice is considered routine practice under NYSE rules when a listed company does not make a timely filing with the SEC. In accordance with NYSE rules, upon receipt of this notice from the NYSE, the company will be required to issue a press release to announce receipt of the notice; within four business days after receipt of the notice, the company will also be required to file a Current Report on Form 8-K with the SEC to report receipt of the notice. The NYSE has informed the company that under NYSE rules the company will have until September 13 to file its Form 10-K. Until the company files its Form 10-K, the company’s common stock will remain listed on the NYSE under the trading symbol “AH”, but the NYSE has informed the company that under NYSE rules “LF” will be added to the company’s trading symbol beginning on March 20 to indicate the company’s late-filing status. The company can regain compliance with the NYSE listing standards at any time prior to September 13 once it files its Form 10-K with the SEC.
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