Full story in Dec 15, 1997 Forbes magazine
The writting on the wall at Oxford Health plans
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8/94 Stephen Wiggins, Oxford's CEO, sells 30,000 shares for $2.1 million.
9/94 Analyst Thomas Hoddap of Robertson, Stephens pens a 133-page report touting OXHP.
10/94 Atlantis Investment's Anne Anderson questions nine restatements of membership rolls made by
OXHP. Management declined to comment on the discrepancies. 5/95 Anderson finds OXHP's costs
14% higher than rival U.S. Healthcare's. 6/95 Wiggins sells 50,000 shares, worth $2.8 million.
4/96 Merrill Lynch;Goldman, Sachs; Montgomery; andRobertson, Stephens comanage OXHP stock
offering of 5.2 million shares.The company raises $220 million.
11/96 Wiggins sells 420,000 shares for $22 million.
12/96 OXHP customers complain of inaccurate billing; physicians report OXHP's nonpayment of bills.
2/97 OXHP 1996 results show surge in premiums receivable, medical claims payable.
3/97 N.Y. Attorney General asks OXHP for data on nonpayment of claims.
5/97 OXHP says it's paying claims faster.
8/97 OXHP's second quarter strong; Wiggins resigns CEO post, remains chairman, says all claims will
be paid within 30 days from now on.
8/97 Three operating officers sell stock, reaping $6.7 million. CFO Drew Cassidy sells $1.5 million
worth; Wiggins sells $15.3 millionin stock.
9/97, 10/97 Buy, buy, buy, say Bear,Stearns; Merrill Lynch; Montgomery;First Boston; Robertson,
Stephens. Atlantis has The Street's only "sell" on OXHP.
10/27/97 Oxford estimates third-quarter loss of $53 million. Medical costs up, membership down.
11/97 Actual loss: $78 million. Chief Financial OfficerCassidy resigns. |
