West Penn Allegheny Health System told investors yesterday that it is cooperating with an SEC probe of the hospital network’s recent $73 million revenue write-down. Pittsburgh Business Times reports that according to the company, the SEC is conducting an “informal inquiry with regard to West Penn Allegheny Health System and the $73 million balance sheet adjustment.” Last month the company announced that it had overstated revenue by about $73 million, including $67 million in patient receivables, which led to ratings downgrades by Fitch and Moody’s Investors Service.
Read the Pittsburgh Business Times article
