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NAPLES — Shares of Health Management Associates Inc.'s common stock (symbol: HMA) are down more than 11% from Wednesday's opening price after the firm disclosed it received two federal subpoenas requesting information on its hospital operations.
The first subpoena, received in May, asked for information on physician referral procedures, while the second, sent in July, sought emergency room management information.
In a filing with the Securities & Exchange Commission, HMA says it is complying with the government's requests, and is unable to determine the eventual impact of these subpoenas on future financial performance.
Naples-based HMA earned $150 million in profits on $5.1 billion in revenues in 2010. Gary Newsome is the company's president and CEO.
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