Tenet Healthcare, the Dallas-based for-profit hospital operator, has lost $3.6 billion in market cap since last summer, according to The Dallas Morning News.
As of Tuesday, when Tenet, which includes 79 hospitals, 471 outpatient facilities and more than 130,000 employees around the U.S., closed at $24 per share, the company's stock price has plummeted 60 percent since July 2015, according to the report.
Here are three more things to know about Tenet's performance on the stock market, according to The Dallas Morning News.
1. More than a third of the decline in the stock price came in early August, after Tenet reported it offered $514 million to settle allegations it violated the False Claims Act and net losses for the fifth consecutive quarter.
2. The fraud case, which was brought by a whistle-blower, alleges that four Tenet hospitals paid kickbacks for patient referrals from 2000 to 2013, according to the report.
3. Broader trends, such as declining rates of enrollment in HealthCare.gov insurance plans, have also affected Tenet's stock. Additionally, Texas and Florida, among other states, have not expanded Medicaid. Nearly half — 43 percent — of Tenet's hospitals are in these two states.
See the full report here.