David Einhorn, co-founder of the $10.3 billion Greenlight Capital Inc., said he’s betting against software company Athenahealth Inc. and the shares could fall as much as 80 percent.
“The main problem is that the company isn’t positioned to succeed as people had hoped,” Einhorn said today, speaking at the 19th annual Sohn Investment Conference in New York. The Watertown, Massachusetts-based company slid 12 percent in after-market trading.
Holly Spring, a spokeswoman for Athenahealth, didn’t immediately respond to a phone call requesting comment.
Einhorn, 45, said last month that his New York-based Greenlight is betting against a group of technology stocks as evidence grows of a bubble.