NEW YORK, NY / ACCESSWIRE / July 31, 2024 / Pomerantz LLP is investigating claims on behalf of investors of Community Health Systems, Inc. ("Community Health" or the "Company") (NYSE:CYH). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, ext. 7980.
The investigation concerns whether Community Health and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On June 19, 2024, Community Health issued a press release "provid[ing] an update on the planned divestiture of two North Carolina hospitals[.]" The press release stated that "[o]n June 18, 2024, Novant Health, Inc., a North Carolina non-profit corporation (‘Novant'), informed [Community Health] that Novant has decided not to move forward with the acquisition of two North Carolina hospitals. The transactions were contemplated by an Asset Purchase Agreement dated February 28, 2023 (as amended, the ‘Purchase Agreement'), by and among Novant and certain subsidiaries of the Company[.]" The press release further stated that "Novant's decision follows a ruling by the Fourth Circuit Court of Appeals", which "issued a temporary injunction blocking the sale to Novant Health, pending final resolution of an appeal by the Federal Trade Commission. The injunction prevented completion of the transaction until the Court of Appeals decides whether to uphold or overturn a previous District Court decision that allowed the sale to proceed."
On this news, Community Health's stock price fell $0.33 per share, or 9.48%, to close at $3.15 per share on June 20, 2024.
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SOURCE: Pomerantz LLP
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