COLUMBUS, Ohio -Cardinal Health's latest batch of bad news has sent the stock of the provider of health care services and supplies to its lowest levels since 2000.
The stock fell 13 percent, or $6.47, to $44 in trading Tuesday on the New York Stock Exchange, a day after Cardinal said its chief financial officer quit and the release of its annual financial results would be delayed.
The announcement caps a difficult month for the company, whose stock dropped 25 percent July 1, when the company said earnings for its fourth quarter that ended June 30 and the year 2005 would be below estimates.
The stock traded at a 52-week high of $76.54 on May 6.
We've got
in the near term a lot of things to work our way through said interim CFO J. Michael Losh.
CFO Richard Miller's resignation comes after the company disclosed in June that its audit committee, the Securities and Exchange Commission, and the U.S. attorney's office for the Southern District of New York are investigating how the company classifies revenue from its pharmaceutical distribution business. The company previously said the SEC was investigating Cardinal's handling of $22 million it received from vitamin manufacturers that overcharged the company.
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