Cano Health investors who resigned from its board of directors last week are sharing new specifics on concerns that precipitated their departure, including allegations of conflicts of interest, related-party transactions and insider loans.
Investors Barry Sternlicht, Elliot Cooperstone and Lewis Gold, who collectively hold 36% of Cano’s stock, penned an open letter outlining “serious concerns” regarding Cano’s management and trajectory, Healthcare Dive reports.
The group, which is collectively the largest single shareholder of Cano, said they resigned from Cano’s board after their calls for enhanced corporate governance and financial controls were ignored following the deterioration of Cano’s balance sheet and stock value.
The letter also calls on Cano to oust its CEO and sell non-core businesses to focus on profitability.
Miami-based Cano Health is a value-based care provider. Read more.
