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March 12, 2014
08:03 EDTAHAccretive Health says won't be able to complete restatement by deadline
Accretive Health announced that following discussions with its independent auditors, the company has determined that although its work associated with its financial restatement is substantially complete, it has taken longer than anticipated and more time is needed. As a result, the company will not be in a position to complete its financial restatement by the previously disclosed March 19 New York Stock Exchange deadline to file its Annual Report on Form 10-K with the SEC. Accretive Health has made substantial progress on its Form 10-K for the year ended December 31, 2013, including the financial statements for the years ended December 31, 2013 and 2012 and the restated financial statements for the year ended December 31, 2011, on which audits are underway. The company is currently in the process of working with its auditors to complete the audits as soon as possible. As a result, the company expects to receive a delisting determination letter from the NYSE indicating that the Company’s common stock will be suspended from trading on the NYSE effective prior to the opening of the market on March 17, 2014. Immediately following the suspension of NYSE listing, the company expects that trading will continue uninterrupted through the facilities of the OTC Markets Group Inc. The company continues to expect the restatement will have no net impact on total cash flows in any reporting period, or on the company’s cash balance. The company’s cash and cash equivalents as of December 31, 2013 were approximately $228M. The company had no debt outstanding as of December 31, 2013.
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