NEW YORK (TheStreet) -- Shares of Alere (ALR) plunged by 28.3% to $31.60 at the end the trading day Wednesday, after the Justice Department opened a criminal probe into the company's medicare and medicaid billing practices, CNBC's Jackie DeAngelis reported on "Closing Bell" Wednesday.

The health information provider will reportedly receive a subpoena from the Justice Department's criminal fraud division, according to DeAngelis.

The probe comes as Alere is already facing regulatory issues concerning its $7.9 billion merger with Abbott Laboratories (ABT).

Regulators are worried that Abbott is trying to take on too much at one time as it also seeks to acquire St. Jude Medical (STJ) for $30.7 billion.

Separately, TheStreet Ratings rated Alere as a "hold" with a score of C.

The company's strengths can be seen in multiple areas, such as its compelling growth in net income, good cash flow from operations and expanding profit margins. However, as a counter to these strengths, TheStreet Ratings also finds weaknesses including a generally disappointing performance in the stock itself and generally higher debt management risk.

You can view the full analysis from the report here: ALR

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

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