Quorum to sell California hospital

A New York City investment firm that manages nearly $3 billion for its clients has built a 5.3 percent stake in SmileDirectClub, which has lost half its value in 2021.

The leaders of 683 Capital Management recently filed papers with the Securities and Exchange Commission saying they now control nearly 6.3 million shares of SmileDirect. That’s up from about 4.1 million shares on June 30 and more than four times what the firm, which was founded in 2006, owned at the end of 2020.