SOURCE: Brower Piven, A Professional Corporation

August 06, 2009 16:02 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $100,000 From Investment in Allscripts-Misys Healthcare Solutions, Inc. to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the October 5, 2009 Lead Plaintiff Deadline

BALTIMORE, MD--(Marketwire - August 6, 2009) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of Illinois on behalf of purchasers of the common stock of Allscripts-Misys Healthcare Solutions, Inc. (formerly known as Allscripts Healthcare Solutions, Inc.) ("Allscripts" or the "Company") (NASDAQ: MDRX) during the period between May 8, 2007 and February 13, 2008, inclusive (the "Class Period").

No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than October 5, 2009 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You may contact Brower Piven (through hoffman@browerpiven.com or 410/986-0036) to answer any questions you may have in that regard.

The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that adverse and continuing delays in the installation of it newest version of its EHR clinical software, Touchworks, version 11 ("V-11") software systems occurred because Allscripts lacked the necessary resources to install V-11 software at customer sites and had no historical basis to estimate the timing of and impact V-11 sales might have on the Company's 2007 revenues and earnings such that defendants had no reasonable basis for their statements and opinions concerning Allscripts' current and future financial performance and projections. According to the complaint, after the Company revealed, on February 13, 2008, its actual 2007 financial results, reporting 2007 revenue of $281.9 million or $18 million below the Company's $300 million guidance confirmed in August 2007 and $5 million short of their November earnings guidance revision and that V-11 installation delays were likely to negatively impact sales and earnings well into 2008, the value of Allscripts' stock declined significantly.

If you have suffered a net loss for all transactions in Allscripts-Misys Healthcare Solutions, Inc. common stock during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410-986-0036, or at Brower Piven, A Professional Corporation, The World Trade Center-Baltimore, 401 East Pratt Street, Suite 2525, Baltimore, Maryland 21202. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 40 years. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

  • CONTACT:
    Charles J. Piven
    Brower Piven, A Professional Corporation
    Baltimore, Maryland
    410/986-0036
    Email Contact