Quality Systems Inc (NASDAQ: QSII) Investor Securities Class Action Lawsuit 11/19/2013

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Company Name(s): 
Quality Systems
Case Name: 
Quality Systems Shareholder Class Action Lawsuit 11/19/2013
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Proposed
Affected Securities
NASDAQ: QSII
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
11/19/2013
Class Period Begin: 
05/26/2011
Class Period End: 
07/25/2012
Court of Filing: 
U.S. District Court for the Central District of California
Deadline To File for Lead: 
01/21/2014
Date Settled: 
07/30/2018
Settlement Amount: 
$19,000,000
Deadline to Participate in Settlement: 
12/12/2018
Summary: 

July 30, 2018 - The court preliminarily approved the settlement.

July 16, 2018 - Parties filed a stipulation of settlement.

July 28, 2017 - The U.S. Court of Appeals for the Ninth Circuit reversed and remanded for further proceedings.

January 30, 2015 - The lead plaintiff filed a notice of appeal.

January 5, 2015 - The court denied the lead plaintiff's motion for reconsideration.

November 18, 2014 - The lead plaintiff filed a motion for reconsideration.

October 20, 2014 - The court granted the defendants' motion to dismiss with prejudice.

June 20, 2014 - The defendants filed a motion to dismiss.

April 7, 2014 - The lead plaintiff filed an amended complaint.

February 4, 2014 - The lead plaintiff and lead counsel were appointed.

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 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.