Bankrupt Health Diagnostic Laboratory Inc. has found a new owner: True Health Diagnostics L.L.C.
The Frisco, Texas-based company agreed to pay $37.1 million for all of HDL after raising its initial bid by more than $5 million.
Once one of Richmond’s rising business stars, HDL got caught up in fraud probes by the federal government for paying doctors up to $17 each time they ordered a blood test from HDL.
HDL agreed to pay a fine of $47 million while admitting no guilt, but faces a number of lawsuits from insurance firms, which claim they were defrauded, and from individuals.
Tonya Mallory, the charismatic founder of the firm, left unexpectedly about a year ago after the Wall Street Journal broke news of the probe as part of a Pulitzer Prize-winning series on Medicare fraud. HDL declared bankruptcy earlier this year and put itself up for sale.
Its auction was coordinated under court approval by the Richmond law firm Hunton & Williams. Several bids were presented.
U.S. Bankruptcy Judge Kevin R. Huennekens has scheduled a hearing Sept. 16 to consider the purchase.