Allscripts Securities Litigation Settlement
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Welcome to the Allscripts Securities Litigation Settlement Website

This website has been established to provide general information related to the proposed Settlement of the Allscripts Healthcare Solutions, Inc. (“Allscripts” or the “Company”) Securities Litigation. The proposed Settlement is subject to Court approval.  The capitalized terms used on this website, and not defined herein, shall have the same meanings ascribed to them in the Settlement Agreement dated April 1, 2015.

Defendant Allscripts provides an open, integrated portfolio of healthcare information technology solutions for hospitals, physician practices, and extended care organizations.

This case is currently pending before the Honorable Jorge L. Alonso in the United States District Court for the Northern District of Illinois (“the Court”). It is brought on behalf of the Class of all persons who purchased the common stock of Allscripts between November 8, 2010 and April 26, 2012, inclusive (“the Class Period”) and were damaged by Defendants’ alleged violations of §§10(b), 20(a), and 20A of the Securities Exchange Act of 1934 ("Exchange Act").

On November 9, 2012, the Court issued an order appointing The Government of Bermuda Contributory and Public Service Superannuation Pension Plans and the International Brotherhood of Electrical Workers Local Union 38 Pension Fund as Lead Plaintiffs, and Robbins Geller Rudman & Dowd LLP as Lead Counsel. 

Lead Plaintiffs alleged in the Amended Complaint that during the Class Period, Defendants made false and misleading statements to investors regarding the success of Allscripts’ merger with Eclipsys Corporation, and in particular regarding the progress of Defendants’ efforts to integrate the two companies’ software products and personnel. Lead Plaintiffs further alleged that Defendants’ financial guidance for 2012 did not have a reasonable basis, because of the undisclosed obstacles to product integration and discord within the Company. Finally, Lead Plaintiffs alleged that Defendant Shapiro sold 100,000 shares of Allscripts stock while in possession of material, nonpublic information, in violation of §20A of the Exchange Act.

Defendants have denied all of these allegations and have consistently maintained that they never made any statement to the market that was or that they believed was false or misleading, that their statements were forward-looking and protected by the Private Securities Litigation Reform Act’s Safe Harbor provisions, and that Defendants’ stock sales neither violated §20A of the Exchange Act nor supported an inference of scienter. Defendants believed at the time and still believe that, during the Class Period and at all other times, Defendants’ public statements were truthful, accurate, and not misleading, including those statements regarding the integration of products and personnel, and that their 2012 financial guidance had a reasonable basis. 

During the litigation, the Settling Parties participated in a full-day mediation session, as well as numerous follow up communications, with well-respected mediator Hunter R. Hughes, Esq.  The parties ultimately agreed to settle the Action based upon a Mediator’s Proposal issued by Mr. Hughes.

The Class in this case is defined as all persons who purchased the common stock of Allscripts between November 8, 2010 and April 26, 2012, inclusive, and were damaged thereby. Excluded from the Class are Defendants, the officers and directors of Allscripts and their families and affiliates. Also excluded from the Class are those Persons who timely and validly exclude themselves therefrom.

The proposed Settlement creates a fund in the amount of $9,750,000.00 in cash plus interest that accrues on the fund prior to distribution. The balance of the Settlement Fund (the “Net Settlement Fund”) will be distributed according to the Plan of Allocation described in the Notice of Pendency and Proposed Settlement of Class Action (the "Notice") to Class Members who submit valid and timely Proof of Claim and Release forms.

Although the information on this website is intended to assist you, it does not replace the information contained in the Notice which can be found and downloaded from this website. We recommend that you read the Notice and other relevant case documents carefully.

IMPORTANT DATES AND DEADLINES

Submit Proof of Claim: July 22, 2015
Request Exclusion from Class: July 1, 2015
File Objection to the Settlement: July 1, 2015
Court Hearing on Fairness of Settlement: July 22, 2015 at 9:30 a.m.