Here's Why Community Health Systems Surged Today
Shares of Community Health Systems (NYSE: CYH), a major operator of U.S. hospitals, jumped 12.8% on Monday before finishing the session about 8.7% higher. The ASL Strategic Value Fund sent a letter to the company's board of directors urging it to do its fiduciary duty to shareholders. Citing billions lost in association with "the ill-conceived and poorly executed HMA acquisition," the fund feels that relieving Wayne Smith of his role as CEO is step one.
Smith led the $3.9 acquisition of Health Management Associates that also saddled Community Health Systems with $3.7 billion in debt. Since completing the deal in early 2014, the stock has fallen about 77%.
Image source: Getty Images.
Source: Fool.com
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