IPC The Hospitalist Co. shares hit a new year low Wednesday after the provider of in-hospital medical services said the Justice Department is looking into claims IPC has submitted to Medicare and Medicaid over the last seven years. In a form filed Tuesday with the Securities and Exchange Commission, IPC said it received a civil investigative demand from the U.S. Attorney's Office for the Northern District of Illinois. The office seeks documents dating as far back as 2003. According to the filing, the attorney's office "seeks production of a wide range of documents relating to the company's Medicare and Medicaid participation, physician arrangements, operations and compliance programs." The North Hollywood, Calif., company said it intends to meet with government representatives to discuss the request and the documents it is expected to provide. IPC said it does not know of any proceedings against it, but does not know if any proceedings will follow. In afternoon trading, IPC stock plunged $4.79, or 17.1 percent, to $23.25. Earlier the stock traded as low as $21.17. It has ranged from $22.35 to $38.50 over the past year.

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