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...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.