A top UBS health care analyst has resigned under pressure because of a disparaging e-mail he sent on HealthSouth, it was reported Thursday.
In the e-mail, Howard G. Capek knocked HeathSouth just months after he had given the stock the highest possible rating, the New York Times said. The message, to an institutional investor in September 1999, said: “I would not own a share” of HealthSouth.
Since April, securities regulators have been investigating UBS’ research and investment banking departments to determine whether the bank had a role in the fall of HealthSouth, the health care services giant whose top executives have been accused by regulators and prosecutors of engaging in accounting fraud.
Benjamin D. Lorello, UBS’s top health care banker; William McGahan, his former deputy, who left the firm for personal reasons, and Mr. Capek are expected to testify before the House Committee on Energy and Commerce in September about UBS’s banking relationship with HealthSouth.
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