AHCO - AdaptHealth is lower after placing Co-CEO under unpaid leave

AdaptHealth ([[AHCO]] -13.8%) is trading lower in the early hours after announcing that the company has placed its co-chief executive officer Luke McGee on unpaid leave.The decision follows the formal charges filed by authorities in Denmark against Mr. McGee on alleged tax fraud linked to his certain private activity.“AdaptHealth has placed Mr. McGee on unpaid leave from his roles as Co-CEO and a Director of the Company while this matter is pending,” the company said in a statement.Noting its confidence in the current management team lead by Co-CEO Steve Griggs and president Josh Parnes, the board of directors of AdaptHealth says it will continue to monitor the situation closely in consultation with its legal advisors.Bank of America initiated the coverage on AdaptHealth with a buy recommendation citing among other things, the growth prospects of the company.

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AdaptHealth is lower after placing Co-CEO under unpaid leave