American Dental Partners plunges on court decision
American Dental Partners, Inc. (Nasdaq: ADPI) shares are plunging after the District Court of Hennepin County, Minn., found the Wakefield, Mass.-based company liable to PDG, a Minnesota-based doctor’s group, for compensatory damages of $88.3 million.
On Wednesday, the jury found American Dental liable for breaches of the service agreement, implied covenant of good faith and fair dealing, fiduciary duty and tortious interference with contract or prospective advantage.
American Dental, which provides business services to dental groups, said it is considering and evaluating the jury's verdict and its options.
In morning trading, ADPI shares are down 63.95%, or $9.17, at $5.17.
