Hedge Fund Sues Allscripts To Set Up Proxy Battle

Law360, Wilmington (May 21, 2012, 6:35 PM EDT) -- After a recent board shake-up and precipitous stock decline at Allscripts Healthcare Solutions Inc., hedge fund shareholder HealthCor Management LP sued the electronic health records company in Delaware on Monday to open the door to a proxy fight.

On April 26, Chicago-based Allscripts announced the departure of four directors, including chairman Philip Pead, amidst a dispute over company leadership — the same day it revealed poor first quarter results that sent its stock plummeting by nearly 40 percent.

Despite the turmoil, Allscripts CEO Glen Tullman and...
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