UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
(Rule 13d-102)
Information Statement Pursuant to Rules 13d-1 and 13d-2
Under the Securities Exchange Act of 1934
(Amendment No. )*
Sierra Health Services, Inc.
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
826322109
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(CUSIP Number)
July 30, 2007
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Date of Event Which Requires Filing of the Statement
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
|_| Rule 13d-1(b)
|X| Rule 13d-1(c)
|_| Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
Page 1 of 11
CUSIP NO. 826322109 13G Page 2 of 11 Pages
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1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Citadel Limited Partnership
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) |X|
(b) |_|
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3. SEC USE ONLY
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4. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware limited partnership
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5. SOLE VOTING POWER
NUMBER OF 0
SHARES ---------------------------------------------------------------
BENEFICIALLY 6. SHARED VOTING POWER
OWNED BY
EACH 2,502,149 shares
REPORTING ---------------------------------------------------------------
PERSON 7. SOLE DISPOSITIVE POWER
WITH 0
---------------------------------------------------------------
8. SHARED DISPOSITIVE POWER
See Row 6 above.
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
See Row 6 above.
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10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES |_|
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11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
Approximately 4.5%(1) as of the date of this filing
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12. TYPE OF REPORTING PERSON
PN; HC
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(1) Based on 56,152,000 outstanding shares of the Common Stock of Issuer, as
reported in the Issuer's Quarterly Report on Form 10-Q, filed with the
Securities and Exchange Commission on July 31, 2007.
Page 2 of 11
CUSIP NO. 826322109 13G Page 3 of 11 Pages
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1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Citadel Investment Group, L.L.C.
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) |X|
(b) |_|
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3. SEC USE ONLY
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4. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware limited liability company
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5. SOLE VOTING POWER
NUMBER OF 0
SHARES ---------------------------------------------------------------
BENEFICIALLY 6. SHARED VOTING POWER
OWNED BY
EACH 2,502,149 shares
REPORTING ---------------------------------------------------------------
PERSON 7. SOLE DISPOSITIVE POWER
WITH 0
---------------------------------------------------------------
8. SHARED DISPOSITIVE POWER
See Row 6 above.
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
See Row 6 above.
--------------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES |_|
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11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
Approximately 4.5%(2) as of the date of this filing
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12. TYPE OF REPORTING PERSON
OO; HC
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(2) See footnote 1 above.
Page 3 of 11
CUSIP NO. 826322109 13G Page 4 of 11 Pages
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1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Kenneth Griffin
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) |X|
(b) |_|
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3. SEC USE ONLY
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4. CITIZENSHIP OR PLACE OF ORGANIZATION
U.S. Citizen
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5. SOLE VOTING POWER
NUMBER OF 0
SHARES ---------------------------------------------------------------
BENEFICIALLY 6. SHARED VOTING POWER
OWNED BY
EACH 2,502,149 shares
REPORTING ---------------------------------------------------------------
PERSON 7. SOLE DISPOSITIVE POWER
WITH 0
---------------------------------------------------------------
8. SHARED DISPOSITIVE POWER
See Row 6 above.
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
See Row 6 above.
--------------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES |_|
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11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
Approximately 4.5%(3) as of the date of this filing
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12. TYPE OF REPORTING PERSON
IN; HC
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(3) See footnote 1 above.
Page 4 of 11
CUSIP NO. 826322109 13G Page 5 of 11 Pages
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1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Citadel Equity Fund Ltd.
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) |X|
(b) |_|
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3. SEC USE ONLY
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4. CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands company
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5. SOLE VOTING POWER
NUMBER OF 0
SHARES ---------------------------------------------------------------
BENEFICIALLY 6. SHARED VOTING POWER
OWNED BY
EACH 2,502,149 shares
REPORTING ---------------------------------------------------------------
PERSON 7. SOLE DISPOSITIVE POWER
WITH 0
---------------------------------------------------------------
8. SHARED DISPOSITIVE POWER
See Row 6 above.
--------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
See Row 6 above.
--------------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES |_|
--------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
Approximately 4.5%(4) as of the date of this filing
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12. TYPE OF REPORTING PERSON
CO
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(4) See footnote 1 above.
Page 5 of 11
CUSIP NO. 826322109 13G Page 6 of 11 Pages
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1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Citadel Derivatives Group LLC
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) |X|
(b) |_|
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3. SEC USE ONLY
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4. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware limited liability company
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5. SOLE VOTING POWER
NUMBER OF 0
SHARES ---------------------------------------------------------------
BENEFICIALLY 6. SHARED VOTING POWER
OWNED BY
EACH 2,502,149 shares
REPORTING ---------------------------------------------------------------
PERSON 7. SOLE DISPOSITIVE POWER
WITH 0
---------------------------------------------------------------
8. SHARED DISPOSITIVE POWER
See Row 6 above.
--------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
See Row 6 above.
--------------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES |_|
--------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
Approximately 4.5%(5) as of the date of this filing
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12. TYPE OF REPORTING PERSON
OO; BD
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(5) See footnote 1 above.
Page 6 of 11
CUSIP NO. 826322109 13G Page 7 of 11 Pages
Item 1(a) Name of Issuer: Sierra Health Services, Inc.
1(b) Address of Issuer's Principal Executive Offices:
2724 North Tenaya Way,
Las Vegas, NV 89128
Item 2(a) Name of Person Filing(6)
Item 2(b) Address of Principal Business Office
Item 2(c) Citizenship
Citadel Limited Partnership
131 S. Dearborn Street
32nd Floor
Chicago, Illinois 60603
Delaware limited partnership
Citadel Investment Group, L.L.C.
131 S. Dearborn Street
32nd Floor
Chicago, Illinois 60603
Delaware limited liability company
Kenneth Griffin
131 S. Dearborn Street
32nd Floor
Chicago, Illinois 60603
U.S. Citizen
Citadel Equity Fund Ltd.
c/o Citadel Investment Group, L.L.C.
131 S. Dearborn Street
32nd Floor
Chicago, Illinois 60603
Cayman Islands company
Citadel Derivatives Group LLC
c/o Citadel Investment Group, L.L.C.
131 S. Dearborn Street
32nd Floor
Chicago, Illinois 60603
Delaware limited liability company
(6) Citadel Holdings Ltd., a Cayman Islands company ("CH"), is a subsidiary of
Citadel Wellington LLC, a Delaware limited liability company ("CW"), and Citadel
Kensington Global Strategies Fund Ltd., a Bermuda company ("CKGSF"). Citadel
Equity Fund Ltd. ("CEF") is a subsidiary of CH. None of CW, CKGSF or CH has any
control over the voting or disposition of securities held by CEF. Citadel
Derivatives Group LLC is a subsidiary of CW and Citadel Limited Partnership, but
CW does not have any control over the voting or disposition of securities held
by Citadel Derivatives Group.
Page 7 of 11
CUSIP NO. 826322109 13G Page 8 of 11 Pages
2(d) Title of Class of Securities:
Common Stock, par value $0.005.
2(e) CUSIP Number: 826322109
Item 3 If this statement is filed pursuant to Rules 13d-1(b), or 13d-2(b) or
(c), check whether the person filing is a:
(a) |_| Broker or dealer registered under Section 15 of the Exchange
Act;
(b) |_| Bank as defined in Section 3(a)(6) of the Exchange Act;
(c) |_| Insurance company as defined in Section 3(a)(19) of the Exchange
Act;
(d) |_| Investment company registered under Section 8 of the Investment
Company Act;
(e) |_| An investment adviser in accordance with Rule
13d-1(b)(1)(ii)(E);
(f) |_| An employee benefit plan or endowment fund in accordance with
Rule 13d-1(b)(1)(ii)(F);
(g) |_| A parent holding company or control person in accordance with
Rule 13d-1(b)(1)(ii)(G);
(h) |_| A savings association as defined in Section 3(b) of the Federal
Deposit Insurance Act;
(i) |_| A church plan that is excluded from the definition of an
investment company under Section 3(c)(14) of the Investment
Company Act;
(j) |_| Group, in accordance with Rule 13d-1(b)(1)(ii)(J).
If this statement is filed pursuant to Rule 13d-1(c), check this box. |X|
Item 4 Ownership:
CITADEL LIMITED PARTNERSHIP
CITADEL INVESTMENT GROUP, L.L.C.
KENNETH GRIFFIN
CITADEL EQUITY FUND LTD.
CITADEL DERIVATIVES GROUP LLC
(a) Amount beneficially owned:
2,502,149 shares
Page 8 of 11
CUSIP NO. 826322109 13G Page 9 of 11 Pages
(b) Percent of Class:
Approximately 4.5%(7) as of the date of this filing
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote:
0
(ii) shared power to vote or to direct the vote:
See Item 4(a) above.
(iii) sole power to dispose or to direct the disposition of:
0
(iv) shared power to dispose or to direct the disposition of:
See Item 4(a) above.
The obligation to file this Schedule 13G arose on July 30, 2007. The Reporting
Persons have subsequently reduced their beneficial ownership to the currently
reported percentage. At no time since July 30, 2007 have the Reporting Persons
been the beneficial owners of greater than 10% of the Company's outstanding
Common Stock as determined in accordance with Rule 13d-3 under the Securities
and Exchange Act of 1934.
Item 5 Ownership of Five Percent or Less of a Class:
Not Applicable.
Item 6 Ownership of More than Five Percent on Behalf of Another Person:
Not Applicable.
Item 7 Identification and Classification of the Subsidiary which Acquired the
Security Being Reported on by the Parent Holding Company:
See Item 2 above.
Item 8 Identification and Classification of Members of the Group:
Not Applicable.
Item 9 Notice of Dissolution of Group:
Not Applicable.
(7) Based on 56,152,000 outstanding shares of the Common Stock of Issuer, as
reported in the Issuer's Quarterly Report on Form 10-Q, filed with the
Securities and Exchange Commission on July 31, 2007.
Page 9 of 11
CUSIP NO. 826322109 13G Page 10 of 11 Pages
Item 10 Certification:
By signing below I certify that, to the best of my knowledge and belief,
the securities referred to above were not acquired and are not held for the
purpose of or with the effect of changing or influencing the control of the
issuer of the securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose or effect.
* Matthew B. Hinerfeld is signing on behalf of Kenneth Griffin as
attorney-in-fact pursuant to a power of attorney previously filed with the
Securities and Exchange Commission on February 4, 2005, and hereby incorporated
by reference herein. The power of attorney was filed as an attachment to a
filing by Citadel Limited Partnership on Schedule 13G/A for Komag, Incorporated.
Page 10 of 11
CUSIP NO. 826322109 13G Page 11 of 11 Pages
After reasonable inquiry and to the best of its knowledge and belief, the
undersigned certify that the information set forth in this statement is true,
complete and correct.
Dated this 8th day of August, 2007
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KENNETH GRIFFIN CITADEL EQUITY FUND LTD.
By: /s/ Matthew B. Hinerfeld By: Citadel Limited Partnership,
---------------------------------- its Portfolio Manager
Matthew B. Hinerfeld,
attorney-in-fact* By: Citadel Investment Group, L.L.C.,
its General Partner
CITADEL LIMITED PARTNERSHIP
By: /s/ Matthew B. Hinerfeld
By: Citadel Investment Group, L.L.C., -----------------------------------
its General Partner Matthew B. Hinerfeld, Managing
Director and Deputy General Counsel
By: /s/ Matthew B. Hinerfeld
---------------------------------- CITADEL INVESTMENT GROUP, L.L.C.
Matthew B. Hinerfeld, Managing
Director and Deputy General Counsel By: /s/ Matthew B. Hinerfeld
-----------------------------------
CITADEL DERIVATIVES GROUP LLC Matthew B. Hinerfeld, Managing
Director and Deputy General Counsel
By: Citadel Limited Partnership,
its Managing Member
By: Citadel Investment Group, L.L.C.,
its General Partner
By: /s/ Matthew B. Hinerfeld
----------------------------------
Matthew B. Hinerfeld, Managing
Director and Deputy General Counsel
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Page 11 of 11