TMCnet News
Robbins Arroyo LLP: OSI Systems, Inc. (OSIS) Misled Shareholders According to a Recently Filed Class ActionShareholder rights law firm Robbins Arroyo LLP announces that a class action complaint was filed against OSI Systems (News - Alert), Inc. (NasdaqGS: OSIS). The complaint is brought on behalf of all purchasers of OSI Systems securities between August 21, 2013 and December 6, 2017, for alleged violations of the Securities Exchange Act of 1934 by OSI Systems' officers and directors. OSI Systems designs, manufactures, and sells electronic systems and components worldwide. View this information on the law firm's Shareholder Rights Blog: https://www.robbinsarroyo.com/osi-systems-inc-dec-2017/ OSI Systems Accused of Obtaining Major Contract Through Corruption Acording to the complaint, on August 21, 2013, OSI announced that it had entered into a 15-year agreement to provide turnkey cargo and vehicle security screening services in Albania. The anticipated gross revenue from this contract was between $150 and $250 million over the term of the agreement. OSI Systems officials failed to account for and disclose that OSI transferred 49% of its project company associated with the Albania contract-the entity to which all rights and obligations under the contract belong and therefore worth millions-to a holding company owned by an Albanian doctor for consideration of less than $5.00. Muddy Waters Research brought this information to light on December 6, 2017, when it reported that OSI obtained the contract in Albania through corruption. Muddy Waters has also accused OSI of engaging in improper sales and cash payments to government officials, which makes the company vulnerable to potential civil and criminal liability. On this news, OSI Systems' stock fell $24.55 per share, or over 29%, to close at $59.52 per share on December 6, 2017. OSI Systems Shareholders Have Legal Options Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leonid Kandinov at (800) 350-6003, [email protected], or via the shareholder information form on the firm's website. Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. Attorney Advertising. Past results do not guarantee a similar outcome.
View source version on businesswire.com: http://www.businesswire.com/news/home/20171215005758/en/ |
