|[December 09, 2013]
Shareholder Alert -- The Law Firm Girard Gibbs LLP Launches an Investigation into Claims on Behalf of Shareholders of OSI Systems, Inc.
SAN FRANCISCO --(Business Wire)--
Gibbs LLP, a national law firm specializing in securities
litigation, is investigating
potential claims on behalf of purchasers of OSI Systems, Inc.
("OSI") (NASDAQ: OSIS) common stock or securities.
The investigation concerns whether OSI and certain of its officers
and/or directors violated Sections 10(b) and 20(a) of the Securities
Exchange Act of 1934. OSI, based in Hawthorne, California, is a
vertically integrated designer and manufacturer of specialized
electronic systems, including X-Ray technologies.
On December 5, 2013, OSI announced that its security division, Rapiscan
Systems "Rapiscan"), was notified by the U.S. Transportation Security
Administration ("TSA") that an order for an Advanced Technology X-Ray
based systems was being terminated for default. As a result, OSI
de-booked the order which had a value of approximately $60 million.
According to the Associated Press (News - Alert), "OSI said the contract was terminated
because it used a new X-ray generator component from China in its
device. This violated the company's contract because it did not obtain
TSA's approval in advance before using the new part." On December 9,
2013, OSI disclosed that "while the component change was vetted by
Rapiscan's internal quality assurance, it did not meet the contractual
requirement of obtaining TSA's approval in advance."
On this news, shares of OSI fell $17.86 or more than 27% during intraday
trading on December 9, 2013.
If you purchased OSI shares or are aware of any facts relating to this
investigation, or you would like to learn more information about this
investigation, you may visit the website
or contact John Kehoe of Girard Gibbs LLP at (415) 544-6283 or by email
Girard Gibbs LLP is one of the nation's leading law firms representing
individual and institutional investors in securities
fraud class actions and litigation to correct abusive corporate
governance practices, breaches of fiduciary duty and proxy violations.
For more information, please access the firm's web site at www.GirardGibbs.com.
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