AdaptHealth Corp (AHCO) stock crashed on Tuesday after the company discovered authorities in Denmark formally charged Co-Chief Executive Officer Luke McGee with alleged tax fraud. Shares of the company were trading down -20.90% to $29.28 a share on Tuesday.
What's Going On With AdaptHealth Corp?
Following the grave charges of tax fraud, AdaptHealth immediately placed Mr. McGee on unpaid leave from his roles as Co-CEO and a Director of the Company while the investigation takes place. The board is putting its faith in current Co-CEO Steve Griggs and President Josh Parnes to steer the ship and keep the maker of healthcare equipment running smoothly.
What Does This Mean For AdaptHealth Corp?
Labaton Sucharow LLP, a litigation firm representing clients in securities, is now investigating whether AdaptHealth and its executives may be liable for securities fraud. The firm is advising anyone that purchased or acquired shares or options/derivatives of AdaptHealth to contact them about their legal rights.
AdaptHealth Corp., together with its subsidiaries, provides home healthcare equipment, medical supplies, and home and related services in the United States. The company provides sleep therapy equipment, supplies, and related services, such as CPAP and bi-PAP services to individuals suffering from obstructive sleep apnea; home medical equipment (HME) to patients discharged from acute care and other facilities; oxygen and related chronic therapy services in the home; and other HME medical devices and supplies on behalf of chronically ill patients with diabetes care, wound care, urological, ostomy, and nutritional supply needs. It serves beneficiaries of Medicare, Medicaid, and commercial payors.
AHCO has an Overall Score of 81. Find out what this means to you and get the rest of the rankings on AHCO!
AdaptHealth Corp is a provider of home healthcare equipment and related services. Its products portfolio includes Mobility Products, Sleep Therapy and Sleep Therapy Supplies, Respiratory Therapy, Non-invasive Ventilation, Nutrition Supplies, Bed Lifts, Seat Lift Chairs, Home Modifications, Power Mobility, and Bath Aids.
