Tenet Shares Fall 10% a Day After Raid

Tenet Healthcare Corp. shares fell 10% a day after federal agents raided a California medical center owned by the second-biggest U.S. hospital chain.

Shares of the Santa Barbara-based company fell $1.69 to $15.35 on the New York Stock Exchange.

U.S. agents Thursday served search warrants and sealed off offices at Tenet’s Alvarado Hospital Medical Center in San Diego. The government may be investigating whether the hospital offered kickbacks to doctors to get patients, according to the search warrant.

-- Ronald D. White