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TMCNet:  Law Offices of Howard G. Smith Announces Class Action Lawsuit Against OSI Systems, Inc.

[January 10, 2014]

Law Offices of Howard G. Smith Announces Class Action Lawsuit Against OSI Systems, Inc.

BENSALEM, Pa. --(Business Wire)--

Law Offices of Howard G. Smith announces that a class action lawsuit has been filed in the United States District Court for the Central District of California on behalf of a class (the "Class") comprising all purchasers of OSI Systems (News - Alert), Inc. ("OSI" or the "Company") (NASDAQ:OSIS) securities between January 24, 2012 and December 6, 2013, inclusive (the "Class Period").

OSI designs and manufactures electronic systems and components for homeland security, healthcare, defense and aerospace markets. One of the Company's largest customers is the United States Department of Homeland Security and the Transportation Security Administration (TSA). The Complaint alleges that the defendants made false and/or misleading statements and failed to disclose material adverse facts about the Company's business, operations and compliance policies. Specifically, defendnts misrepresented or failed to disclose that:


  • The Company manipulated an operational test of its Advanced Imaging Technology, causing the test not to be representative of the scanners already deployed at airports.
  • The Company's products raised strong privacy concerns and were subject to disqualification for use in airport security checkpoints.
  • The Company manufactured its products with parts that directly violated contracts with the TSA, thereby risking cancellation of the contracts.

If you are a member of the Class described above, you may move the Court no later than February 10, 2014, to serve as lead plaintiff; however, you must meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at http://www.howardsmithlaw.com.


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