SOURCE: Bernstein Litowitz Berger & Grossmann LLP

November 19, 2013 20:01 ET

Bernstein Litowitz Berger & Grossmann LLP Announces Securities Class Action Suit Filed Against Quality Systems, Inc. and Certain of Its Senior Executives

NEW YORK, NY--(Marketwired - Nov 19, 2013) - Bernstein Litowitz Berger & Grossmann LLP ("BLB&G") today announced that it has filed a securities class action lawsuit on behalf the Deerfield Beach Police Pension Fund ("Deerfield Beach") against Quality Systems, Inc. ("QSI" or the "Company") (NASDAQ: QSII), and certain of its senior executives and its Chairman (collectively "Defendants"). The action, which is captioned Deerfield Beach Police Pension Fund v. Quality Systems, Inc., SACV13-01818 CJC (JPRY) (C.D. Cal.), asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, 15 U.S.C. §§ 78j(b) and 78t(a), and SEC Rule 10b-5 promulgated thereunder, 17 C.F.R. § 240.10b-5, on behalf of investors who purchased or otherwise acquired QSI common stock during the period from May 26, 2011 through July 25, 2012, inclusive (the "Class Period").

QSI sells practice management software to medical and dental practices. The Complaint alleges that during the Class Period, Defendants violated provisions of the federal securities laws by issuing false and misleading press releases, financial statements, filings with the Securities and Exchange Commission ("SEC"), and making false and misleading statements and omissions during investor conference calls and conferences, among other things. Specifically, Defendants made a series of material misstatements and omissions concerning QSI's growth prospects, including its guidance for fiscal years 2012 and 2013. As a result of Defendants' false statements and omissions, QSI's securities traded at artificially inflated prices during the Class Period. Before the market opened on July 26, 2012, the Defendants announced that the Company's EPS had materially declined from the year-ago quarter, and withdrew QSI's highly favorable fiscal 2013 guidance. That disclosure caused the price of QSI stock to decline from $23.63 per share to $15.95 per share on July 26, 2012.

If you wish to serve as lead plaintiff for the Class, you must file a motion with the Court no later than 60 days from today. Accordingly, the deadline for filing a motion for appointment as lead plaintiff is January 21, 2014. Any member of the proposed Class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain a member of the proposed Class.

Deerfield Beach is represented by BLB&G, a firm of over 100 attorneys with offices in New York, California, Louisiana, and Illinois. If you wish to discuss this Action or have any questions concerning this notice or your rights or interests, please contact Avi Josefson of BLB&G at 212-554-1493, or via e-mail at avi@blbglaw.com.

Since its founding in 1983, BLB&G has built an international reputation for excellence and integrity. Specializing in securities fraud, corporate governance, shareholders' rights, employment discrimination, and civil rights litigation, among other practice areas, BLB&G prosecutes class and private actions on behalf of institutional and individual clients worldwide. Unique among its peers, BLB&G has obtained several of the largest and most significant securities recoveries in history, recovering billions of dollars on behalf of defrauded investors. More information about BLB&G can be found online at www.blbglaw.com.

Contact Information

  • CONTACT:
    Avi Josefson
    Bernstein Litowitz Berger & Grossmann LLP
    1285 Avenue of Americas, 38th Floor
    New York, New York 10019
    Telephone: (212) 554-1493