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Citron Research Raises The Caution Flag On Amedisys (AMED)
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Today, Citron Research issued a negative report on Amedisys (Nasdaq: AMED). First, Citron Research is an outlet that does much due diligence to learn if there is any dubious activity occurring at a company. For example, Citron wrote extensively writing about ArthroCare Corporation (Nasdaq: ARTC) margins not adding up and just last month ArthroCare announced it had restate earnings and ARTC fell by more than 50% in like kind.
Next up: Amedisys. Citron uncovers startling stories through extensive research. For example, Citron's private investigators spoke to ex- Amedisys employees who admitted to altering OASIS scores to increase billings. Further, the report said local Amedisys offices would receive calls from headquarters to alter scores on Medicare patients in order to justify the higher billings. However, Citron does emphasize that it has not concluded that Amedisys has committed any Medicare fraud, but the implications require deeper scrutiny.
The Citron report on Amedisys is a must read and can be read here.
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Comments
Tales from the Crypt
With the practice of shorting stock indefinitely suspended in the U.S. -- with it possibly becoming illegal under the Bush economic bail out, this may spell the death knell for Citron Research. Shorting stock appears to be a core business strategy employed by the principals of Citron. If what Anonymous said is true about these same principals allegedly shorting Amedisys stock before issuing their "spurious" report, then it must be discounted. Citron may have dug up legitmate dirt on some companies in past, but they also damaged some good ones -- maliciously or not. Bottom line: Take Citron with a grain of salt.
Here's the 'Secret Sauce'
Alluded to in the spurious Citron report... http://www.streetinsider.com/Insiders+Blog/Amedisys+Recognized+among+Top+50+Business+Innovating+Companies+by+InformationWeek+Magazine/4008306.html. Principals at Citron allegedly shorted Amedisys stock before issuing the scathing report. Oppenheimer, Wachovia, and BB&T, et al. weren't fooled. Citron is TOTALLY debunked!
Here's the
Alluded to the the spurious Citron report... http://www.amedisys.com/press_release.cfm?do=view&ID=172. Principals at Citron allegedly shorted Amedisys stock before the scathing report. Oppenheimer, Wachovia, BB&T, et al. weren't fooled. Citron is totally debunked.
Amedisys
Citron is correct. I worked there for 6 years.
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RBC Signals AMED to Outperform
Anonymous on Sep 24, 2008 11:00 PMAdd RBC to Oppenheimer, Wachovia, and BB&T being bullish on Amedisys; see http://www.marketintelligencecenter.com/articles/662272. Who thinks that Andrew Left of Citron is more knowledgeable than all of these RESPECTED players?