August 11, 1994
Quality Systems Inc. said Wednesday that it has won a contract to develop and install an automated medical practice management software system at the 672-bed University Hospital in Augusta, Ga. Terms of the contract were not disclosed. The pact calls for the Tustin company to install customized software programs in one of the hospital's existing computer systems to provide the institution and its medical staff with real-time, interactive information processing capability.
July 7, 1998 |
Quality Systems Inc. said Monday it expects to post a loss for the first quarter ended June 30, with revenue below analysts' expectations. The Santa Ana company, which develops and markets computerized medical and dental management systems, said its Clinitec and MicroMed units "materially missed" revenue and profit targets, with each experiencing significant losses. For the first quarter a year ago, the company posted a net loss of $2.7 million, or 46 cents a share, on revenue of $7.1 million.
May 20, 1996
Quality Systems Inc. completed its merger with Clinitec International Inc., a Pennsylvania developer of electronic medical records software systems, the companies said. Quality Systems acquired the remaining 75% that it did not previously own for about $4.9 million in cash and 309,846 Quality Systems shares. Quality Systems said the shares were valued at $22.25 each, or $6.9 million, for a total purchase price of about $11.8 million.
March 7, 1996
Quality Systems Inc., which makes computer systems used to automate medical and dental offices, raised about $21 million in a secondary stock offering Wednesday. The Tustin company sold 1 million shares of common stock at $22.25 per share, then watched as the stock price climb another $1.75 to close the day at $24.50 per share in Nasdaq trading. Proceeds of the sale will be used to finance the previously announced acquisition of Clinitec International Inc.
April 6, 1997
Certain shareholders of Quality Systems Inc. filed a class action securities fraud lawsuit Friday against the seller of health-care information and its officers, directors and underwriters. The shareholders--those who bought stock from June 26, 1995, to July 3, 1996--allege that the defendants artificially inflated Quality Systems' stock from $4.50 a share to as high as $35.25 a share by making false representations about the effectiveness of the company's operations.
April 5, 2000 |
Sheldon Razin, 62, president and chief executive of Quality Systems Inc., announced his retirement Tuesday, eight months after bowing to dissident shareholders' demands and replacing the majority of the company's board. Razin will remain chairman of the Tustin-based company that he founded in 1974. Patrick Cline, executive vice president, has been named interim president and chief executive of the company, a developer of medical information-management systems.
August 6, 1999 |
Quality Systems Inc. appears to be closer to heading off a proxy battle at its September annual meeting after it released details of corporate changes its board of directors adopted last week. The Tustin medical software company provided more details Thursday of an agreement by its board of directors to make at least three-quarters of the board independent, mollifying some of the concerns of one of its most vocal critics, Lawndale Capital Management.
June 16, 1999 |
The Securities and Exchange Commission is requiring Quality Systems Inc.'s upcoming proxy to include a shareholder vote on the board of directors' independence. In its June 9 response to the Tustin health care software company, the SEC's chief counsel office rejected half a dozen arguments Quality Systems made against the shareholder proposal submitted by Diamond A Partners L.P.
April 15, 1999 |
A dissident shareholder group with a 10% stake in Quality Systems Inc. will seek representation on the Tustin company's board of directors, according to regulatory documents. Lawndale Capital Management will nominate candidates to replace at least some of Quality Systems' directors, according to a report filed Tuesday with the Securities and Exchange Commission.
January 29, 1998 |
A San Francisco investment group and affiliates have urged Quality Systems Inc. to approve a large stock buyback plan to bolster the company's sagging shares. The request came from Lawndale Capital Management LLC and affiliates, which own a 6.2% stake in Quality Systems, a Tustin-based provider of computer management systems for medical and dental practices, according to documents filed Wednesday with the Securities and Exchange Commission. Quality Systems' shares fell 13 cents to $6.13.