Shares of Cano Health Inc. CANO were up more than 40% in afternoon trading Monday after Barry Sternlicht, a former board director, disclosed in a 13D filing with the Securities and Exchange Commission that he, two others who recently left Cano’s board, and certain of their affiliates have entered into an agreement “to act together to pursue change” at the company, “including, but not limited to, the replacement of the CEO, sale of non-core assets and enhancement of shareholder value.” Sternlicht, Elliot Cooperstone and Lewis Gold, who all resigned from Cano’s board Thursday, have a combined voting power of about 35.7%, according to the filing. Cano Health didn’t immediately respond to a MarketWatch request for comment. Sternlicht said last week that he was “extremely troubled by the poor operating decisions and performance” at Cano. The company responded with a Friday statement saying that it was “disappointed that three directors chose to resign due to what we believe is their focus solely on the short term.” The shares declined more than 19% in Friday’s session.
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