Private equity firm and major Allscripts shareholder HealthCor Management L.P. has withdrawn its lawsuit against the vendor following agreement on the nomination of three new independent directors to the Allscripts board.
HealthCor, which owns 6.1 percent of Allscripts, recently filed suit against the company to gain seats on the vendor’s reconfigured board of directors. The action came after the release of poor first quarter financial results and departure of four board members sent Allscripts’ stock into a tailspin on April 27. Allscripts then announced a new chair and two new independent board members.
Now, Allscripts and HealthCor have agreed on nominating three more directors who are independent of both companies. They are Stuart Bascomb, chair and CEO of QualSight Inc., a Chicago start-up marketing a managed care refractive surgery program for ophthalmologists; David Stevens, a private equity investor and advisor, and former senior executive at Medco Health Solutions; and Randy Thurman, operating partner at New Mountain Capital LLC. All three have extensive board experience.
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