Accretive Health, the embattled revenue cycle management company, said it will restate its financial statements.
The Chicago-based company last week said it was evaluating the way it recognizes revenue from contracts with hospitals, acknowledging that a restatement of past financial results was possible.
On Monday, the audit committee of the board decided that a restatement was needed after consultation with management and with the company's auditing firm, Ernst & Young LLP, according to a filing with the Securities and Exchange Commission.
The filing did not specify what quarters will be affected by the restatement. However, the company said it will not be able to submit its annual report for 2012 on time.
By Friday, the company will report the audit committee's determination in a separate filing with the SEC, the company said.
The filing was published after markets closed Monday. The company's shares closed at $9.40, down 0.42 percent for the day.
Send us a letter
Have an opinion about this story? Click here to submit a Letter to the Editor, and we may publish it in print.
