AdCare Health Systems
Regional Health Properties named an interim CEO and interim chief financial officer after the third quarter ended and created a Strategic Finance Committee that will advise both of them as the self-managed healthcare real estate investment company addresses legacy issues and plots a course for its future.
AdCare Health Systems is now known as Regional Health Properties following a series of previously planned actions.
Shareholders will vote Sept. 20 on a proposed reorganization after which AdCare Health Systems would be known as Regional Health Properties, Allan Rimland, the self-managed real estate investment company's president, CEO and chief financial officer, told participants in a second-quarter earnings call Monday.
AdCare Health Systems fired its CEO and chairman of the board, William McBride III, on Monday after an internal investigation revealed that he had lied about his educational background, the company said in a filing with the Securities and Exchange Commission.
AdCare Health Systems may change its name to Regional Health Properties under a reorganization to be considered at a special meeting of shareholders in the second quarter, the company announced March 24 in conjunction with its fourth quarter earnings call.
AdCare Health Systems has formulated a plan to get back into the good graces of the New York Stock Exchange, company officials told those participating in a first quarter 2016 earnings call on Tuesday.
AdCare Health Systems faces potential delisting from the NYSE MKT stock exchange, the company shared in an April 22 filing with the Securities and Exchange Commission.
Healthcare real estate investment company AdCare Health Systems is not a defendant in the case against one of its former directors, but the company has changed board terms in the wake of the charges.
An Atlanta-based businessman amassed nearly $190 million through municipal bond and private placement offerings in which investors purportedly earned interest from revenues generated by the assisted living community, nursing home or other retirement housing projects supported by their investment, according to the Securities and Exchange Commission.
AdCare Health Systems plans to divest its senior living properties and become a holding company, the firm announced.