Accelera Innovations, Inc. (OTCMKTS:ACNV) Files An 8-K Other EventsItem 8.01 Other Events
On September 29, 2017, Accelera Innovations, Inc. (the “Company”) received a SEC lawsuit against Accelera Innovations Inc., Synergistic Holdings LLC and Geoffrey Thompson; Jury Trial Demanded Civil Action No: 1:17-cv-7052. Accelera has retained counsel and will be defending company in lawsuit.
NATURE OF THE ACTION
This matter involves accounting fraud and disclosure violations by Defendant Accelera Innovations, Inc. (“Accelera”) and its founder and Chairman, Defendant Geoffrey J. Thompson. Accelera and Thompson misled the investing public about Accelera’s finances and its technology.
2. Accelera’s public filings were supposed to reflect Accelera’s financial condition, but in reality, they included the revenues of an entirely separate company. Accelera inflated its financial results in its public filings by including the revenues of a company that it did not own or control. By including the financial results of another company, Accelera painted a rosier picture of its finances than was accurate, misleading the investing public about its true financial condition.
3. From 2013 through 2015, following the purported acquisition of Behavioral
Health Care Associates (“BHCA”), Accelera consolidated all of BHCA’s revenue in Accelera’s financial statements. Thompson signed the annual reports on behalf of Accelera. However, Accelera never owned or controlled BHCA. The acquisition never took place. Instead, Accelera had an unfulfilled purchase agreement stating that ownership in BHCA would pass only after Accelera paid for the shares. Accelera never paid a single dollar for BHCA.
4. Accelera also misled the investing public about its intellectual property. Accelera reported that it was providing proprietary software technology when, in reality, it never did.
5. From at least 2013 through its 2015 Form 10-K, Accelera touted its purported proprietary software technology in public filings and private solicitations. Accelera portrayed itself as a provider of software when, in reality, it was not providing software to anyone.
6. Defendants also violated the securities laws by selling unregistered securities. From approximately January 2012 through September 2014, Thompson, acting through Accelera and Synergistic Holdings, LLC (“Synergistic”), sold approximately $1.7 million worth of Accelera stock to investors. The sales of those Accelera shares were not registered or subject to any exemption from registration.
7. By engaging in the conduct described above, Accelera violated Section 13(a) of the Securities Exchange Act of 1934 (“Exchange Act”), 15 U.S.C. § 78m(a), and Rules 13a-1 and 13a-13 thereunder, 17 C.F.R. §§ 240.13a-1 and 240.13a-13, and Thompson aided and abetted Accelera’s violations of Section 13(a) and Rules 13a-1 and 13a-13 thereunder. Accelera and Thompson also violated Section 10(b) of the Exchange Act, 15 U.S.C. § 78j(b), and Rule 10b-5 thereunder, 17 C.F.R. § 240.10b-5, as well as Section 17(a) of the Securities Act of 1933 (“Securities Act”), 15 U.S.C. § 77q(a). Finally, Accelera, Thompson, and Synergistic violated Section 5(a) and (c) of the Securities Act, 15 U.S.C § 77e(a) and (c).
8. The SEC brings this action to Section 20(b) and (d) of the Securities Act, 15 U.S.C. § 77t(b) and (d), and Section 21(d) and (e) of the Exchange Act, 15 U.S.C. § 78u(d) and (e).
9. The Court has jurisdiction over this action to Section 22 of the Securities Act, 15 U.S.C. § 77v, and Section 27 of the Exchange Act, 15 U.S.C. § 78aa. Defendants have, directly or indirectly, made use of the means and instrumentalities of interstate commerce, of the mails, or of the facilities of a national securities exchange in connection with the acts, practices and courses of business alleged in this Complaint.
10. Venue is proper in this Court to Section 22 of the Securities Act, 15
U.S.C. § 77v, and Section 27 of the Exchange Act, 15 U.S.C. § 78aa, because many of the acts, transactions, and courses of business constituting the violations alleged in this Complaint occurred within the jurisdiction of the United States District Court for the Northern District of Illinois and elsewhere. Moreover, Defendants reside and transact business in this district.
About Accelera Innovations, Inc. (OTCMKTS:ACNV)
Accelera Innovations, Inc. (Accelera), formerly Accelerated Acquisitions IV, Inc., is a healthcare service company. The Company is focused on acquiring companies primarily in the post-acute care patient services and information technology services industries. The Company provides billing, practice management and administrative services to doctors and other clinicians providing services to, nursing homes and individual clients. In support of the billing and practice management services, it provides in-house psychiatric evaluations, complete neuropsychological testing, assessments and treatment services, counseling and medication management. Accelera intends to offer various products and services, including Accelera Analytics, Accelera Security, Accelera Electronic Medical Record (EMR) and Practice Management (PM), Accelera Health Information Exchange (HIE) and Portal, Accelera Hospital Information System (HIS) and Accelera Accountable Care Organization (ACO).