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You must submit the settlement Proof form attached below, in order to participate in this settlement. There is a strict deadline of December 12, 2018 by which all claims must be submitted. The instructions for submitting are included in the Proof and the Notice files attached below for your download. DO NOT SEND THE FORMS TO THE SHAREHOLDERS FOUNDATION, INC.
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To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Lawsuit Overview
Settlement Overview
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July 30, 2018 - The court preliminarily approved the settlement.
July 16, 2018 - A stipulation of settlement was filed by the parties.
July 28, 2017 - The Court of Appeals reversed and remanded the case for further proceedings.
January 30, 2015 - A notice of appeal was filed.
January 5, 2015 - The court denied the motion for reconsideration.
November 18, 2014 - A motion for reconsideration was filed.
October 20, 2014 - The court granted the defendants' motion to dismiss with prejudice.
June 20, 2014 - A motion to dismiss the amended complaint was filed.
April 7, 2014 - An amended complaint was filed.
November 19, 2013 - An investor in shares of Quality Systems Inc (NASDAQ: QSII) filed a lawsuit in the U.S. District Court for the Central District of California over alleged violations of Federal Securities Laws by Quality Systems Inc in connection with certain allegedly false and misleading statements made between May 26, 2011 and July 25, 2012.
According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired Quality Systems Inc (NASDAQ:QSII) between May 26, 2011 and July 25, 2012, that Quality Systems Inc and certain of its senior executives violated the Securities Exchange Act of 1934.
More specifically, the plaintiff alleges that the defendants made a series of allegedly material misstatements and omissions concerning Quality Systems Inc’s growth prospects, including its guidance for fiscal years 2012 and 2013 and that as a result of defendants' statements and omissions, Quality Systems Inc's securities traded at artificially inflated prices between May 26, 2011 and July 25, 2012.
On May 19, 2011, Quality Systems Inc reported its fourth quarter 2011 and year end results. Quality Systems Inc reported that its Total Revenue rose from $291.81 million for the 12 months period that ended on March 31, 2010 to $353.36 million for the 12 months period that ended on March 31, 2011 and that its respective Net Income rose from $48.38 million to $61.61 million. Shares of Quality Systems Inc (NASDAQ: QSII) reached in March 2012 as high as $43.73 per share.
On May 17, 2012, Quality Systems Inc announced its fiscal 2012 fourth quarter and year end results. Quality Systems Inc reported that its Total Revenue rose from $353.36 million for the 12 months period that ended on March 31, 2011 to $429.83 million for the 12 months period that ended on March 31, 2012.
Then on July 26, 2012, Quality Systems Inc announced its fiscal 2013 first quarter results. The president and chief executive officer of Quality Systems Inc said that “overall results were impacted by lower-than-expected revenue from large, higher margin software system sales“ and that “due to evolving conditions affecting [Quality Systems Inc] industry and uncertainty in predicting future results, [Quality Systems is] not affirming [its] previous guidance nor providing revised guidance at this time”.
Shares of Quality Systems Inc (NASDAQ: QSII) declined from almost $44 per share in March 2012 to as low as $16.27 per share on July 27, 2012. Quality Systems Inc reported that its Total Revenue rose from $429.83 million for the 12 months period that ended on March 31, 2012 to $460.23 million for the 12 months period that ended on March 31, 2013, while its respective Net Income declined from $75.66 million to $42.72 million.
On November 19, 2013, NASDAQ: QSII shares closed at $22.62 per share.