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Saturday, Aug 13, 2022

NextGen Founder Loses Proxy Battle

NextGen Healthcare Inc. (Nasdaq: NXGN), a software provider for the medical industry, won its proxy battle against founder and director Sheldon Razin.

All nine of the company’s proposed directors won election during its annual meeting held today, NextGen announced. Shareholders also approved the reincorporation of NextGen Healthcare into Delaware and the elimination of cumulative voting in the election of directors.

“Shareholders have recognized the company’s many strengths, including NextGen Healthcare’s winning platform, talented and dedicated employees, and the benefits our services and solutions provide to healthcare providers and consumers across the country,” the company said in a statement.

Razin, a Laguna Beach resident who still owns 15% of the company, had criticized the current board for not growing revenue and lackluster share performance.

Shares of NextGen were unchanged at $14.48 and a $975 million market cap.

The company, which moved its headquarters earlier this year from Irvine to Atlanta, also thanked Razin for his many contributions since founding the company nearly 50 years ago.

“He will always be recognized as NextGen Healthcare’s founder and as Chairman Emeritus,” the statement said.

The company said it will file voting results for all proposals on a Form 8-K within four business days.

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