Employee Shareholders File Suit Against Tenet
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Tenet Healthcare Corp. is being sued by employees holding company shares, saying they were misled by false financial statements. The Santa Barbara-based hospital company and its officers knew or should have known the firm was artificially inflating revenue, claims the suit on behalf of employees participating in a stock purchase plan.
The Justice Department has accused Tenet of filing phony Medicare claims. The stock, which fell 13 cents to $17.40 on the NYSE on Thursday, is down 67% since October.
Gary Alan Hamner, a former Tenet employee, filed the suit Wednesday in Los Angeles Superior Court, seeking class-action status. A Tenet spokesman declined to comment.
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