The stock price of physician/hospital software vendor Allscripts dropped 40.6 percent at the open of trading on April 27 after the company announced poor first quarter financial results, lowered expectations for the rest of 2012, and announced the departure of its chief financial officer and four board members including Chairman Phil Pead.

Pead was terminated and three board members opposing the decision resigned. CFO Bill Davis will leave in May to join another company outside the industry. Allscripts has named Dave Morgan, senior vice president of finance, as interim CFO.

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