Shareholders Revolt Against Comp Care : Investors: A group is demanding a new board of directors for the faltering health care company.

Several shareholders of Comprehensive Care announced Tuesday they are banding together to elect a new board of directors willing to consider a variety of options to solve the company’s financial woes, including a sizable sale of assets.

The announcement, made in a filing with the U.S. Securities and Exchange Commission, is the latest piece of bad news to hit the nation’s largest alcohol and drug treatment company, which is moving its headquarters from Irvine to St. Louis.

Three weeks ago, Comp Care announced a $4.7-million third-quarter loss, sending its stock plunging in one day from $8.375 to $3.625. Two days later on Oct. 27, First Hospital Corp. backed out of a critical merger with Comp Care after one of the financiers refused to consent to the deal.

Comp Care is now in the process of trying to sell all of its California assets to stave off creditors demanding the payment of $25 million in loans that were due Oct. 18. The company has not announced plans to sell any other assets.

“Our position is that we believe the company is worth more in parts,” said Les Livingston, spokesman for the group. “This company has basically been going nowhere.”

The investor group--which includes executives of an insurance company and a construction firm--said Tuesday’s SEC filing is the first sign of a shareholder revolt against Comp Care management. The filing also said the group would consider a merger or restructuring.

“It’s a Bastille Day,” said Ken Guenther, one of the group’s members. “It’s time for stockholders to take control and not sit back and accept whatever is done to them.”

Together, the investor group owns a 5.12% stake--or 521,084 shares--in Comp Care. They have lost millions in just the last few weeks.

The group’s members include George B. Newman, president of a Portland insurance company; Charles Moore, president of a Kent, Wash., construction firm; Robert I. Miller, president of a Seattle engine company; Randy Wright, president of a Portland food brokerage and Guenther, marketing official with a Portland venture capital firm.

Guenther said current management, including president and chief executive W. James Nicol, is “not up to the task” of turning around Comp Care.

Nicol was appointed to those positions earlier this month, replacing longtime executive B. Lee Karns. Neither was available for comment Tuesday.

Comp Care has not yet announced the date of its annual shareholders meeting, which was held last year on Oct. 6. Guenther said the investor group may not wait for that meeting before trying to install its own nominees for the board.

Comp Care has suffered huge losses and declining revenue in recent months because of increased competition, stricter insurance requirements and bad management, according to analysts.

On Tuesday, Comp Care’s stock closed up .375 to close at $3.625.