BURLINGTON, Vt., Nov. 1 /PRNewswire-FirstCall/ -- IDX Systems Corporation 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
Investor Relations and Corporate Communications
IDX Systems Corporation