At least three law firms have filed shareholder lawsuits seeking class action status against hospital/physician software vendor Allscripts following poor first quarter financial results and the departure of several senior executives.
Such lawsuits are expected when publicly owned companies report bad news and their stock price tumbles. Allscripts’ stock fell almost 36 percent on April 27 in massive trading volume after the company announced quarterly revenue and income far below expectations, the resignation of CFO Bill Davis, the termination of Chairman Phil Pead and the resignation of three other board members.
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