WASHINGTON, April 29, 2011 /PRNewswire/ --The CtW Investment Group urges Community Health Systems (NYSE:CYH) shareholders to Vote "Against" the Re-election of James Ely III, John A. Fry, and W. Larry Cash given their seeming failure to timely and decisively respond to the expanding scandal concerning investigations into CHS' Medicare billing practices, which has precipitated a 25% decline in Community's market value.
Community filed with the SEC this morning a 109 page presentation in which it purports to refute much of the analysis used by Tenet Healthcare Corporation (NYSE:THC) in its lawsuit against Community. The CtW Investment Group remains troubled that the company's analysis does not speak specifically to the questionable billing practices we outlined in multiple communications to the Community board and shareholders. These letters, and a fact sheet outlining concerns that Community has yet to address can be found on our Web site www.ctwinvestmentgroup.com, and CtW will be communicating these concerns to shareholders. Below we highlight a few key points:
In our view, Community's efforts seem more intended to obfuscate than to educate investors as to which metrics are the most relevant and whether the data are statistically significant. Yet, Community has yet to address the fact that the board of directors was slow to respond to evidence of aggressive Medicare billing practices. These concerns were brought to their attention more than six months ago, and the CtW Investment Group believes the board missed a critical opportunity to proactively address the issues before they became the subject of litigation and investigations by state and federal regulators.
SOURCE CtW Investment Group