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MPW – Yale New Haven Health v. Prospect Medical Holdings

Author: Published on: Published in: Medical Properties Trust NASDAQ:MPW

May 3, 2024 – Below is Yale New Haven Health’s complaint against Prospect Medical Holdings in relation to the (now dubious) purchase of the Connecticut hospitals. No doubt this is not the news Medical Properties Trust was hoping for given their expectation of a ~$350m windfall from a deal that appear to now be going in reverse. Among the allegations:

  • Prospect has yet to provide YNNH with its audited financial statements for FY 2022.
  • Since the signing of the first agreement, Prospect has let the hospitals go to rack and ruin, with rusty equipment and broken elevators.
  • Prospect has received several “Immediate Jeopardy” regulatory notices.
  • Staff and vendors have been regularly unpaid resulting in services withheld and at least one lawsuit.
  • Prospect has not paid any rent in 2024.

As always with Medical Properties Trust, more to come.

 

 

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