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Quorum board finds no evidence of wrongdoing in spinoff-related investigation

The Quorum Health Corp. board completed an investigation of claims made by R2 Investments LDC and found no evidence that Community Health Systems Inc. misled investors.

The probe was related to Community Health's spinoff of Quorum Health in 2016. R2 Investments, one of the largest share and bondholders of Quorum, alleged that the management of both Community Health and Quorum Health misrepresented facts to investors, causing at least $560 million in value destruction.

The Quorum Health board said there was no evidence to substantiate those claims, and a legal action against the Quorum Health and Community Health management was not in the best interest of shareholders.