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Top Institutional Sale of the Week Ending-July 26th-Navient Corp: $52.32m in shares by Canyon Capital Advisors LLC-July 24
Navient Corporation specializes in student credit management. The group also offers debt collection services, support services and administrative services. Revenues break down by activity as follows:
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student loans guaranteed by the federal government (62%);
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private student loans (375%);
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other (0.5%).
https://www.marketscreener.com/NAVIENT-CORPORATION-16300139/company/
Student loan company Navient used deceptive practices, Dept. of Education audit suggests
NEW YORK (AP) — One of the nation’s largest student loan servicing companies may have driven tens of thousands of borrowers struggling with their debts into higher-cost repayment plans.
That’s the finding of a Department of Education audit of practices at Navient Corp., the nation’s third-largest student loan servicing company.
The conclusions of the 2017 audit, which until now have been kept from the public and were obtained by The Associated Press, appear to support federal and state lawsuits that accuse Navient of boosting its profits by steering some borrowers into the high-cost plans without discussing options that would have been less costly in the long run.
The education department has not shared the audit’s findings with the plaintiffs in the lawsuits. In fact, even while knowing of its conclusions, the department repeatedly argued that state and other federal authorities do not have jurisdiction over Navient’s business practices.
“The existence of this audit makes the Department of Education’s position all the more disturbing,” said Aaron Ament, president of the National Student Legal Defense Network, who worked for the Department of Education under President Barack Obama.
The AP received a copy of the audit and other documents from the office of Sen. Elizabeth Warren, D-Massachusetts, who has been a vocal critic of Navient and has publicly supported the lawsuits against the company as well as questioning the policies of the Department of Education, currently run by President Trump’s Secretary of Education, Betsy DeVos. Warren is considered a potential presidential candidate in 2020.
https://www.usatoday.com/story/news/2018/11/20/student-loans-navient-lawsuit-department-education-audit/2071008002/
https://www.finviz.com/insidertrading.ashx?oc=1074034&tc=7&b=2
Top Institutional Buy of the week ending July26th-Tenet Healthcare by Glenview Capital Mgmt-$11.78m in shares-July 25
Tenet Healthcare Corporation (Tenet) is a healthcare services company. The Company operates regionally focused, integrated healthcare delivery networks in large urban and suburban markets in the United States. The Company's segments include Hospital Operations and Other, Ambulatory Care and Conifer. As of December 31, 2017, its subsidiaries operated 76 hospitals, including two children's hospitals, two specialty hospitals and one critical access hospital. The Company's Ambulatory Care segment is engaged in the operations of its USPI joint venture facilities. As of August 20, 2018, Conifer provided one or more of the business process services described above from 20 service centers to more than 800 Tenet and non-Tenet hospital and other clients in over 40 states. As of December 31, 2017, the Company operated 20 short-stay surgical hospitals, and over 470 outpatient centers.
Number of employees : 125 820 people.
https://www.marketscreener.com/TENET-HEALTHCARE-CORP-11877509/company/
https://www.finviz.com/insidertrading.ashx?or=10&tv=1000000&tc=1&o=-transactionvalue
U.S. brings new charges over Tenet Healthcare fraud scheme
The U.S. Justice Department has brought new charges over a scheme that it says enabled Tenet Healthcare Corp to fraudulently bill state Medicaid programs for $400 million, according to an indictment made public on Wednesday.
William Moore, the ex-chief executive of Atlanta Medical Center Inc, which had been operated by Tenet; and Edmundo Cota, the ex-head of a clinic operator that provided prenatal care to Hispanic women, were charged in an indictment filed in Atlanta federal court.
They were added as defendants in a case the Justice Department brought in February against John Holland, a former Tenet senior vice president. The trio faces multiple charges including conspiracy and wire fraud, according to the indictment.
The charges came after Dallas-based Tenet and two of its Atlanta-area units in October 2016 reached a deal with the Justice Department and agreed to pay more than $513 million to resolve criminal charges and civil claims in a related case.
Brian McEvoy, a lawyer for Moore at the law firm Polsinelli PC, said in a statement he was “extremely disappointed” with the agency’s action.
“Mr. Moore is not guilty and we look forward to presenting this case to a jury at trial,” McEvoy said.
A lawyer for Cota, the former CEO of medical clinic operator Clinica de la Mama, could not be immediately identified. A Justice Department spokesman declined to comment.
The indictment said that from 2000 to 2013, Holland, Moore Cota engaged in a scheme to cause Tenet to pay over $12 million in bribes and other illegal inducements to Clinica, which operated clinics in Georgia and South Carolina.
In exchange, the owners and operators of Clinica referred patients to Tenet hospitals and arrange for medical services for Clinica patients related to child birth at the hospitals.
To justify the $12 million, Holland, Moore, Cota and others created pre-textual contracts between Tenet’s hospitals and Clinica, which provided services mostly to undocumented Hispanic women, the indictment said.
In order to steer patients to Tenet hospitals in Georgia and South Carolina, Cota and others blocked doctors from seeing patients at Clinica unless the physicians agreed to deliver their babies at Tenet hospitals, the indictment said.
Prosecutors said the scheme enabled Tenet hospitals to fraudulently bill the Georgia and South Carolina Medicaid programs for over $400 million, and allowed Tenet to receive at least $127 million on those claims.
The case is U.S. v. Holland, et al, U.S. District Court, Northern District of Atlanta, No. 17-cr-234.
https://www.reuters.com/article/us-tenet-healthcare-fraud/u-s-brings-new-charges-over-tenet-healthcare-fraud-scheme-idUSKCN1C22YX
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