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SEC probes West Penn Allegheny’s $73 million revenue write-down

Pittsburgh Business Times, August 28, 2008

The West Penn Allegheny Health System is cooperating with a Securities and Exchange Commission probe of the hospital network's $73 million revenue write-down, said system officials. In a prepared statement, West Penn spokesman Tom Chakurda confirmed the SEC was conducting an "informal inquiry with regard to West Penn Allegheny Health System and the $73 million balance sheet adjustment." West Penn Allegheny refinanced $758 million in bonds last year, but questions arose last month when the president and CEO announced that the health system may have overstated revenue by $73 million, including $67 million in patient receivables.