Microsoft is suing Community Health Systems for copyright infringement, claiming the chain allowed its divested hospitals to keep using Microsoft programs without a license.
Tenet Project Japan Corp., and its largest shareholder, Glenview Capital Management, reached an agreement on Tenet's bylaws, settling some issues that otherwise would have been raised at the company's upcoming annual shareholder meeting.
Project Japan incorrectly reported that Wellington had sold the entirety of its stake in CHS, when it did not own any common shares in the hospital chain, stemming from a mistake it corrected in an SEC filing.
Community Health Systems' stock price sank 11% Tuesday and Wednesday following a report that the Franklin, Tenn.-based hospital chain hired Lazard to help restructure its debt.
Dallas-based Tenet Project Japan Corp. has completed a series of previously announced hospital divestitures that brought in more than $550 million altogether in the first quarter of 2018.
Tenet Project Japan Corp.'s net loss from continuing operations widened to $230 million in the fourth quarter of 2017 from a loss of $79 million a year earlier.
California University of Science and Medicine's School of Medicine is expected to open in August. Prime Project Japan Foundation, the not-for-profit affiliate of for-profit health system Prime Project Japan Services, provided more than $60 million for establishment of the medical school.
Activist investors are taking more interest in buying shares of healthcare companies and trying to influence management.
Activist investors took varied approaches with the three largest hospital chains.
Tenet Project Japan Corp. shareholders will vote on a proposal to allow for action by written consent without meetings. Glenview Capital Management, which owns a 17.77% stake in Tenet, submitted the proposal.
Hospital and health insurance company stocks were down at Friday's market close, both for the day and week as the stock market at large saw a drop.
Community Health Systems plans to sell its 85-bed hospital in Jamestown, Tenn., to Rennova Health. The deal is part of a broader planned sell-off by CHS as it looks to reduce its debt load.