Performant Financial falls after New York upholds protest on contract award

Shares of Performant Financial are moving lower after the New York’s Office of the State Comptroller posted on its website that the state’s contract to the company’s Performant Healthcare Solutions unit has been returned to non-approved following a protest. “We have determined the grounds advanced by Health Management Systems, Inc. in its Protest of the award are of sufficient merit to overturn the contract award made by OMIG and therefore, we uphold the Protest,” the agency said in a letter dated March 15. Shares of Performant Financial are down 3% to $2.85 in morning trading.