Quality Systems 14
Settlement of In re Quality Systems, Inc. Securities Litigation
Case No. 8:13-cv-01818-CJC-JPR
The parties have reached a settlement of this action, pending in the United States District Court for the Central District of California, Southern Division. The settlement provides for the payment of $19,000,000 for the benefit of eligible Class Members. Lead Plaintiffs City of Miami Fire Fighters’ and Police Officers’ Retirement Trust and Arkansas Teacher Retirement System alleged that during the period from May 26, 2011 through July 25, 2012, inclusive (the “Class Period”), Defendants made false and misleading statements relating to Quality Systems, Inc.’s (“QSI”) sales and financial performance, in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (“Exchange Act”) and Rule 10b-5. Lead Plaintiffs also alleged insider trading violations against Defendant Steven T. Plochocki under Section 10(b) of the Exchange Act and Rule 10b-5.
The Class consists of all persons or entities who purchased or otherwise acquired QSI common stock during the Class Period and were damaged thereby. Excluded from the Class are: (a) Defendants; (b) immediate family members of the individual Defendants (as defined in 17 C.F.R. §229.404 Instructions (1)(a)(iii) and (1)(b)(ii)); (c) present or former executive officers or directors of QSI and their immediate family members (as defined in 17 C.F.R. §229.404 Instructions (1)(a)(iii) and (1)(b)(ii)); (d) any firm or entity in which any Defendant has or had a controlling interest during the Class Period; (e) any affiliates, parents, or subsidiaries of QSI; (f) all QSI plans that are covered by ERISA; and (g) the legal representatives, agents, affiliates, heirs, beneficiaries, successors-in-interest, or assigns of any excluded Person, in their respective capacity as such. Also excluded from the Class are those Persons who exclude themselves by submitting a request for exclusion that is accepted by the Court.
The settlement was approved by the Court on November 19, 2018.
If you have any questions about the settlement or the litigation, please contact Rick Nelson at 1-800-449-4900.