NEW YORK--(BUSINESS WIRE)--Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been filed in the United States District Court for the Central District of California on behalf of all persons or entities who purchased or otherwise acquired Quality Systems, Inc., (NASDAQ:QSII) between May 26, 2011, and July 25, 2012, inclusive (the "Class Period").
Quality Systems Inc., develops and sells practice management software to medical and dental providers, including software related to scheduling and billing.
During the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse information concerning the Company’s business, operations and prospects. On May 10, 2012, Quality Systems Inc., pre-announced its 2012 fiscal results including EPS figures well below the Company’s guidance.
In the weeks that followed, Defendants continued to make positive statements regarding the Company’s growth rate and issued guidance for EPS growth of 20%-25% for fiscal year 2013. Defendants affirmed this guidance numerous times including in proxy materials issued on July 23, 2012.
Just three days after affirming that guidance, on July 26, 2012, the Company issued its poor first quarter results with first quarter EPS declining 19% year-over-year. Further, Defendants represented that the previous guidance was being retracted and no new guidance would be provided due the results.
The reacted swiftly with analysts downgrading Quality Systems Inc.’s stock and the stock price collapsing falling from $23.63 per share to $15.95 per share on July 26, 2012. The Company suffered a $330 million market capitalization loss on this 33% single-day decline.
In the months prior, the Company’s Chief Executive Officer sold 88,500 shares or 92% of his holdings at $43.99 per share, reaping proceeds of $3,893,115 while Quality Systems Inc.’s common stock was trading at artificially inflated levels.
If you purchased Quality Systems Inc., securities during the Class Period, you may, no later than January 21, 2014, request that the Court appoint you as lead plaintiff of the class.
If you are a shareholder of Quality Systems Inc., (NASDAQ: QSII) and would like additional information concerning your shareholder rights in this matter, please contact us at:
Benjamin Y. Kaufman or Patrick Donovan
Wolf Haldenstein Adler Freeman & Herz LLP
270 Madison Avenue
New York, New York 10016
Wolf Haldenstein has represented individual and institutional investors for many years, serving as lead counsel in numerous cases in United States federal and state courts. Please visit the Wolf Haldenstein website (http://www.whafh.com) for more information about the firm.
Wolf Haldenstein did not file the original complaint against Quality Systems Inc.
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