Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of Illinois on behalf of investors who purchased Allscripts Healthcare Solutions, Inc. (“Allscripts” or the “Company”) (Nasdaq: MDRX) securities between November 9, 2010 and April 26, 2012.
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The Complaint alleges that the Company made materially false and misleading statements in regards to its progress in assimilating both Allscripts’ and Eclypsis’ disparate systems and its ability to translate its fragmented product lines into revenue. In particular, the Complaint alleges that defendants concealed from the investing public that: (a) the process of developing a unified product offering after the Merger had suffered debilitating setbacks which ultimately resulted in the loss of key personnel and harmful upheaval in Company leadership; (b) a material portion of Allscripts' revenue and net income was based on the successful integration of these systems and substantial business relationships had been destroyed by the inability to make material progress in this area; and (c) as a result of the foregoing, Allscripts lacked a reasonable basis for its claims of progress in post-Merger integration and continued growth.
On April 26, 2012, the Company announced its operating results for the first quarter of 2012 were well below expected forecasts and announced the termination of the Chairman of its Board of Directors and the resignation of three Company directors and the Company’s Chief Financial Officer. Due to these events, Allscripts’ stock price fell $5.72 per share, or 35.7 percent, to close at $10.30 per share on April 27, 2012.If you suffered a loss in Allscripts, you have until July 2, 2012 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at firstname.lastname@example.org or by telephone at (877) 363-5972, or visit http://zlk.9nl.com/mdrx. Levi & Korsinsky is a national firm with offices in New York and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.