Specifically, on October 3, 2016, Tenet disclosed that it would pay $514 million to federal and state governments in order to settle allegations that its hospitals in Georgia and South Carolina paid kickbacks for obstetric referrals. Under the settlement, two Tenet subsidiaries will plead guilty to one count of conspiracy to violate federal kickback laws.
After the announcement, Tenet's share price fell from $22.66 per share on September 30, 2016 to a closing price of $21.75 on October 3, 2016 —a $0.91 or a 4% drop.
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If you invested in Tenet stock or options and would like to discuss your legal rights, visit www.faruqilaw.com/THC. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Tenet's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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