|[December 09, 2013]
Shareholder Rights Law Firm Johnson & Weaver, LLP Announces Investigation of OSI Systems, Inc.
SAN DIEGO --(Business Wire)--
Shareholder Rights Law Firm Johnson & Weaver, LLP is investigating
whether certain officers and directors of OSI Systems (News - Alert), Inc. (NasdaqGS:
OSIS) violated state or federal laws after it was disclosed that the
company may face a ban on contracts with the Transportation Safety
Administration (TSA). OSI makes devices used for airport screenings and
relies extensively on its contracts with TSA.
On Friday, the company disclosed that TSA canceled a $60 million order
because OSI used a component manufactured in China without obtaining
TSA's approval, thus violating its contract. The company is now at risk
of losing future orders as some have questioned whether OSI's equipment
is vulnerable to sabotage or espionage. Jim Baker, lead nalyst at
Johnson & Weaver, said, "This is not the first time OSI has had problems
with TSA. The company should have foreseen the consequences of its
decision." In addition, "The company may now face liability for using
unapproved Chinese products and knowingly engaging in conduct that
violated contracts with TSA."
On this news, the company's stock closed down more than 26% on December
If you have information that could assist in this investigation, or if
you are a OSI Systems, Inc. shareholder and are interested in learning
more about the investigation or your legal rights and remedies, please
contact lead analyst Jim Baker (email@example.com)
at 619-230-0063, Ext. 118.
Johnson & Weaver, LLP is a nationally recognized shareholders' rights
law firm. The firm represents individual and institutional investors in
shareholder derivative and securities class action lawsuits. For more
information about the firm and its attorneys, please visit http://www.johnsonandweaver.com.
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