NEW YORK, April 16, 2010 (GLOBE NEWSWIRE) -- Pomerantz Haudek Grossman & Gross LLP (www.pomerantzlaw.com) ("Pomerantz") reminds investors that a class action lawsuit was filed in the United States District Court, District of Massachusetts, against athenahealth, Inc. ("Athena" or the "Company") (Nasdaq:ATHN) and certain of its top officials. The class action (10-cv-10477) was filed on behalf of purchasers of the securities of the Company between October 29, 2009 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, Inc. engages in the provision of Internet-based business services for physician practices in the United States. The company offers a revenue cycle management service that automates and manages billing-related functions for physician practices. On February 25, 2010, after the market closed, athenahealth announced that its previous financial statements could no longer be relied upon and that it would likely need to restate prior financial statements based on its methodology for calculating implementation revenue, causing the stock to drop almost 13%, falling from a close of $43.52 on February 25, 2010 to a close of $37.96 on February 26, 2010.
If you are a shareholder who purchased the securities of athenahealth Inc. during the Class Period, you have until May 18th, 2010 to ask the Court to appoint you as lead plaintiff for the class. Shareholders outside the United States may join the action, regardless of where they live or which exchange was used to purchase the securities. A copy of the complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Nicola Brown at nbrown@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.
The Pomerantz Firm, with offices in New York, Chicago, Washington, D.C., Columbus, Ohio and Burlingame, California, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members.