Thursday, December 20, 2012 1:35:44 PM
No sale: $9
Allscripts names new CEO to spearhead recovery
Wed, Dec 19 2012
Thu Dec 20, 2012 12:07pm EST
* New CEO Black sketches plans for role at Allscripts
* Chairman says strategic review process was rigorous
* Stock falls as much as 17 pct after announcement (Updates with background)
Dec 20 (Reuters) - Shares of Allscripts Healthcare Solutions Inc fell as much as 17 percent on Thursday after the company abandoned plans to sell itself and instead introduced new management to run the company as an independent entity.
Allscripts, which sells systems that enable hospitals and physicians to share patient records electronically, announced the changes late on Wednesday.
On Thursday the company's chairman, Dennis Chookaszian, told analysts on a conference call that the board had conducted a rigorous review of its options and ultimately decided that the best way to create value for shareholders was to exploit the company's long-term growth potential.
Allscripts named Paul Black, former chief operating officer at rival Cerner Corp and an Allscripts board member, to replace Glen Tullman, who led the company for 15 years.
Black, who addressed shareholders on the call, said his goals include freshening the company's product line, enhancing operating efficiencies and working to retain existing clients. He said he will spend time meeting with key constituents before laying out his plan in detail.
The company declined to provide a financial outlook except to say it was happy with the way the fourth quarter started. Black said he expects the company to benefit from having clarity now that the review process is over.
"There has been a lot of disruption in the marketplace," he said. "A lot of people were hesitant to make a decision until they knew who they would be working with."
Chookaszian declined to disclose whether the board's decision to remain independent was unanimous, saying the board "doesn't comment on its decisions."
The decision follows months of turmoil at Allscripts, which in June, under pressure, installed three board members nominated by the hedge fund HealthCor Management, which had lobbied intensively for the removal of Tullman.
Allscripts shares were down 14.6 percent at $9.13 on the Nasdaq at mid-day on Thursday.
Several private equity groups, including Blackstone Group LP , were apparently interested in Allscripts, but sources familiar with the situation told Reuters suitors had become concerned about Allscripts' declining earnings and market-share losses to larger rivals such as Cerner. (Reporting by Toni Clarke in Boston; Editing by Matthew Lewis and Steve Orlofsky)
Down to $9 with cancelling sale:Down to $9. No sale.
Recent MDRX News
- Form NT 10-Q - Notification of inability to timely file Form 10-Q or 10-QSB • Edgar (US Regulatory) • 08/12/2024 08:07:47 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/12/2024 08:06:59 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/29/2024 10:03:59 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/20/2024 09:00:15 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/20/2024 09:00:14 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/20/2024 09:00:12 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/20/2024 09:00:11 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/20/2024 09:00:09 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/20/2024 09:00:07 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/20/2024 09:00:06 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/20/2024 09:00:05 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/20/2024 09:00:04 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/20/2024 09:00:03 PM
- Form SC 13G - Statement of acquisition of beneficial ownership by individuals • Edgar (US Regulatory) • 06/10/2024 09:00:48 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/29/2024 09:00:03 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/28/2024 11:16:04 AM
- Form SC 13D - General statement of acquisition of beneficial ownership • Edgar (US Regulatory) • 05/16/2024 09:19:34 PM
- Form 8-A12G/A - Registration of securities [Section 12(g)]: [Amend] • Edgar (US Regulatory) • 05/13/2024 02:37:18 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/13/2024 11:03:55 AM
- Form NT 10-Q - Notification of inability to timely file Form 10-Q or 10-QSB • Edgar (US Regulatory) • 05/13/2024 11:00:27 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/03/2024 08:20:41 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/03/2024 08:20:05 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 04/25/2024 08:03:03 PM
- Form 25-NSE - Notification filed by national security exchange to report the removal from listing and registration of matured, redeemed or retired securities • Edgar (US Regulatory) • 04/25/2024 01:08:51 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 04/10/2024 10:23:05 AM
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM
Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • ELMGF • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM