AdaptHealth Plunges on Co-CEO McGee’s Alleged Tax Fraud Charge

AdaptHealth tanks as much as 17%, the most since March 2020, after placing Co-CEO Luke McGee on unpaid leave following news that authorities in Denmark have formally charged him with alleged tax fraud arising from certain past private activity.

• Alleged personal conduct occurred between March 2014 and August 2015 and had no connection to AdaptHealth’s business, the company said in a press release
• RBC’s Anton Hie tells clients in note that news surrounding McGee is a “shock,” but that remaining leadership is “well-suited to continue AHCO’s strong growth trajectory”
  • “While the news is very unfortunate, we believe it is also ...