AdaptHealth Corp (NASDAQ:AHCO) shares are trading lower as its newly appointed CEO is sued by former employer Linde, the company said in an SEC filing.
Linde Inc and Lincare Inc filed a lawsuit in the United States District Court for the District of Connecticut against Crispin Teufel, a former Linde Group executive recently appointed CEO of AdaptHealth, effective September 1, 2023.
The lawsuit seeks, among other things, to have the Court enjoin Mr. Teufel from commencing employment with AdaptHealth for an unspecified time while Linde Group seeks protection of its confidential information and trade secrets.
The lawsuit does not name AdaptHealth as a defendant.
AdaptHealth has contractually prohibited Mr. Teufel from disclosing or using any confidential or proprietary information belonging to Linde Inc. or Lincare Inc. concerning his employment at AdaptHealth.
AdaptHealth monitors the lawsuit and any potential effect on Mr. Teufel’s start date.
Price Action: AHCO shares are down 14.60% at $11.51 on the last check Thursday.
