HCA: Another Dot to Connect?
A Pennsylvania union pension fund is suing HCA, explicitly outlining insider malfeasance and manipulation. Pensions & Investments reports:
Attorneys representing the pension fund claim that HCA Chairman and CEO Jack O. Bovender Jr., President and COO Richard M. Bracken and CFO Robert Milton Johnson issued false statements about the company’s performance from Jan. 12 through July 12 that caused “HCA’s shares to trade at artificially inflated levels,” the complaint said. The filing also noted the defendants had access to “adverse undisclosed information about HCA’s business, financial condition and prospects” at the time they made “materially false and misleading” representations.
It will be interesting to see what is revealed in the course of the pension suit. Recall the serendipitous timing of the senator's HCA sale: