The Pomerantz Firm Charges athenahealth, Inc. With Securities Fraud -- ATHN
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NEW YORK, March 19, 2010 (GLOBE NEWSWIRE) -- Pomerantz Haudek Grossman & Gross LLP www.pomerantzlaw.com)"> ("Pomerantz") has filed a class action lawsuit in the United States District Court, District of Massachusetts, against athenahealth, Inc. ("athenahealth" or the "Company") and certain of its senior managers. The class action complaint, docketed under 10-cv-10477, was filed on behalf of purchasers of athenahealth securities during the period between September 20, 2007 and February 25, 2010, both dates inclusive (the "Class Period"). The Complaint alleges violations of Sections 10(b) and 20(a) of the Securities Exchange Act, and Rule 10b-5 promulgated thereunder.
athenahealth provides internet-based business services for physician practices in the United States and offers a revenue cycle management service that automates and manages billing-related functions. On February 25, 2010, after the market closed, athenahealth announced that its previously reported financial statements could no longer be relied upon, and that the Company would likely need to restate prior financial statements based on its methodology for calculating implementation revenue. Upon the disclosure of this news, athenahealth common stock plummeted almost 13%, falling from a closing price of $43.52 per share on February 25, 2010 to a closing price of $37.96 per share on February 26, 2010.
If you purchased athenahealth securities during the Class Period, you have until May 18, 2010 to request that the Court appoint you as lead plaintiff for the class. Shareholders outside the United States may join the action. A copy of the complaint can be obtained at www.pomerantzlaw.com. To discuss this action, you may contact Nicola Brown by email at nbrown@pomlaw.com or by telephone at 888-4-POMLAW (or 888-476-6529) toll free. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.
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