IDX Systems Corporation Announces Purported Class Action Lawsuit
November 01 2005 - 5:21PM
PR Newswire (US)
BURLINGTON, Vt., Nov. 1 /PRNewswire-FirstCall/ -- IDX Systems
Corporation (NASDAQ:IDXC) today announced that it has been served
with a purported shareholder class action lawsuit against IDX and
certain of its officers and directors. The complaint was filed on
October 24, 2005 in Vermont Superior Court, Chittenden County, and
challenges the price of and the process leading to IDX's previously
announced merger agreement with General Electric Company and a GE
subsidiary. "We believe the allegations are without merit. We
adhered to a comprehensive and rigorous review of strategic
alternatives and firmly believe that the transaction with GE is in
the best interests of IDX and its shareholders. This type of legal
action is not uncommon and we intend to vigorously defend
ourselves. We have no reason to believe that this lawsuit will
affect the close of the transaction," said James H. Crook, Jr.,
Chief Executive Officer of IDX. About IDX Systems Corporation
Founded in 1969, IDX Systems Corporation provides information
technology solutions to maximize value in the delivery of
healthcare, improve the quality of patient service, enhance medical
outcomes, and reduce the costs of care. IDX systems are deployed to
serve approximately 150,000 physicians and are installed at over
3,400 customer sites, including more than 850 group practices and
approximately 370 integrated delivery networks servicing more than
500 hospitals. IDX also provides its enterprise clinical software
as a subcontractor to BT, Local Service Provider for the United
Kingdom National Health Service's National Programme for
Information Technology, an initiative to establish electronic
patient records for 50 million patients. The IDX web strategy
includes browser technology, e-commerce and web-based tools --
built using Internet architecture -- that facilitates access for
patients, physicians and care providers to vital health information
and data managed by the IDX clinical, administrative, financial,
and managed care products. IDX has approximately 2,400 full-time
employees. IDX is a registered trademark of IDX Investment
Corporation. This press release contains forward-looking statements
about IDX Systems Corporation that involve a number of risks and
uncertainties. Among the important factors that could cause actual
results to differ materially from those indicated by such
forward-looking statements are uncertainties or difficulties in
defending this lawsuit, in consummating the proposed merger with
General Electric, uncertainties or difficulties in developing new
services and systems, possible deferral, delay or cancellation by
customers of computer system or service purchase decisions,
possible delay of system installations and service implementations,
development by competitors of new or superior technologies,
changing economic, political and regulatory influences on the
healthcare industry, possible disruptions in the national economy
caused by terrorist activities and foreign conflicts, changes in
product pricing policies, governmental regulation of IDX's software
and operations, the possibility of product-related liabilities, and
factors detailed from time to time in IDX's periodic reports and
registration statements filed with the Securities and Exchange
Commission, which important factors are incorporated herein by
reference. IDX undertakes no obligation to update forward-looking
statements to reflect changed assumptions, the occurrence of
unanticipated events, or changes in future operating results,
financial condition or business over time. For more information,
contact: Margo C. Happer Vice President Investor Relations and
Corporate Communications 802-859-6169 DATASOURCE: IDX Systems
Corporation CONTACT: Margo C. Happer, Vice President Investor
Relations and Corporate Communications of IDX, +1-802-859-6169 Web
site: http://www.idx.com/
Copyright
Idx Systems (NASDAQ:IDXC)
Historical Stock Chart
From Jul 2024 to Aug 2024
Idx Systems (NASDAQ:IDXC)
Historical Stock Chart
From Aug 2023 to Aug 2024