12% of Urohealth Systems’ Stock Bought by Appaloosa
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NEWPORT BEACH — New Jersey-based Appaloosa Management L.P. and affiliates acquired nearly a 12% stake in Urohealth Systems Inc., a supplier of disposable surgical supplies.
The investment partnership purchased 2.8 million shares of Urohealth, making Appaloosa one of the Newport Beach company’s largest holders, according to a statement filed Thursday with the Securities and Exchange Commission.
Most recently, Appaloosa, investment advisor to the Reliance Standard Life Insurance Co., purchased shares for $4.81 to $7.63 each from June 24 to Tuesday, the filing said. Appaloosa said it made the purchase for investment purposes only.
Urohealth stock, which has been battered in recent sessions on concern over the company’s financial statements, fell 37.5 cents a share in Nasdaq trading Thursday to close at $5.25.
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