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.
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.
July 31, 1998 |
An investment group that has been pressuring Tustin-based Quality Systems Inc. to take steps to boost the company's stock has increased its stake in the company to 8.4%, according to regulatory documents filed this week. The group, which includes Lawndale Capital Management, has suggested that Quality Systems launch a stock buyback program and has nominated a candidate to the company's board.
February 3, 1999 |
An investment group led by Lawndale Capital Management LLC may seek the sale of all or part of Quality Systems Inc. unless the health care information management company takes steps to improve its stock price, according to a report filed Tuesday with regulators. The investors, who hold a 9.96% stake in Quality Systems, said they may seek such a sale if "the common stock continues to be undervalued" or if the corporate board fails to take actions to "restore and enhance" share prices.
January 12, 1996 |
Quality Systems Inc., which makes office management software for dental and medical practices, has moved to take advantage of a sharp rise in its stock price by proposing a second public stock offering. In a document filed Thursday with the Securities and Exchange Commission, the company said it plans to sell 1 million shares of common stock, and that existing shareholders will sell an additional 500,000 shares. At Thursday's closing price of $23.
July 22, 1999 |
Firing another salvo in its battle with critical shareholders, Quality Systems Inc. lashed out this week at a director who recently resigned in a dispute with management. The Tustin company contends in documents filed with regulators that former director Don Cook has joined forces with a shareholder activist who has proposed a change in the company's bylaws and a new slate of directors in a move to make the board more independent.