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AdaptHealth inventory plunges after CEO charged with tax fraud in Denmark 


Shares of AdaptHealth Corp.
AHCO,
-16.60%

plunged 16.7% in morning buying and selling Tuesday, after the maker of residence well being care tools stated it has discovered that co-Chief Government Luke McGee has been formally charged in Denmark for tax fraud for previous personal exercise. The inventory was on monitor to endure the most important one-day drop because the document plunge of 21.2% on March 18, 2020. The corporate stated it has positioned McGee, who based the AdaptHealth along side Quadrant Administration, on unpaid go away. The corporate stated the costs stem from alleged “private conduct” which occurred between March 2014 and August 2015, and had no reference to the corporate. In February, following the closing of the acquisition of AeroCare, Stephen Griggs had joined McGee as co-CEO. “The Board has full confidence within the Firm’s administration workforce, led by present Co-CEO Steve Griggs and President Josh Parnes, and in its capacity to make sure that AdaptHealth’s enterprise stays sturdy and to keep up the Firm’s development trajectory,” AdaptHealth stated in an announcement. The inventory has nonetheless rallied 74.2% over the previous 12 months, whereas the S&P 500
SPX,
+0.14%

has gained 49.6%.



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