Quality Systems Asked to Buy Back Its Shares
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Fund manager Cannell Capital LLC, which owns 9.5% of Quality Systems Inc., called on the Tustin maker of medical records and management software to buy back shares.
The San Francisco investment firm headed by J. Carlo Cannell “intends to recommend” to Quality Systems that it initiate a tender offer for shares, according to a document filed Thursday with the Securities and Exchange Commission.
Cannell said in the filing that it “has concerns” about Quality System and is “reviewing the alternatives” for its holdings, which amount to 566,800 shares. Cannell didn’t immediately respond to messages seeking comment.
Quality Systems shares, which closed unchanged Thursday at $13.45 a share, have gained 63% over the past year.
Company officials didn’t immediately respond to a request for comment.
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