Menu

Search

  |   Business

Menu

  |   Business

Search

Glancy Prongay & Murray LLP Reminds Investors of the February 5, 2018 Deadline in the Class Action Lawsuit Against OSI Systems, Inc.

LOS ANGELES, Feb. 02, 2018 -- Glancy Prongay & Murray LLP (“GPM”) reminds investors of the February 5, 2018 deadline to file a lead plaintiff motion in the class action filed on behalf of investors that purchased OSI Systems, Inc.  (“OSI” or the “Company”) (NASDAQ:OSIS)  securities between August 16, 2013 and December 6, 2017, inclusive (the “Class Period”). OSI investors have until February 5, 2018 to file a lead plaintiff motion. To obtain information or actively participate in the class action, please visit the OSI  page on our website at www.glancylaw.com/case/osi-systems-inc.

Investors suffering losses on their OSI investments are encouraged to contact Lesley Portnoy of GPM to discuss their legal rights in this class action at 310-201-9150 or by email to shareholders@glancylaw.com.

On December 6, 2017, Muddy Waters Research published a report on OSI entitled “OSIS: Rotten to the Core.” Therein, Muddy Waters alleged that there was corruption in the 2013 award of OSI’s Albania concession. Muddy Waters claims that while the concession “has an estimated top line lifetime value of $150 million to $250 million,” OSI “likely bribed somebody by giving half of it away for $4.50” since “[t]here was an unannounced transfer of 49% of OSIS’s project company, S2 Albania SHPK, to a holding company owned by an Albanian doctor, for consideration of less than $5.00.” Muddy Waters also alleged that “investigators’ interviews with former employees yielded numerous anecdotes indicating OSIS is rotten to the core,” including “knowledge of improper sales, cash payments to government officials, fraud in a significant contract, and that OSIS had narrowly avoided being debarred from doing business with the U.S. government.”

On this news, the Company’s stock price fell $24.55 per share, or 29.2%, to close at $59.52 per share on December 6, 2017, on unusually heavy trading volume, thereby injuring investors.

UPDATE: On February 1, 2018, OSI disclosed that the company is being investigated for compliance with the Foreign Corrupt Practices Act. On this news, shares of OSI fell $11.71, or nearly 18%, to close at $54.89 on February 2, 2018, thereby injuring investors.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose: (1) that OSI acquired the Albania concession through bribery or other illicit means; (2) that OSI transferred 49% of its project company associated with the Albania concession, S2 Albania SHPK, an entity purportedly worth millions, for consideration of less than $5.00; (3) that OSI engaged in other illegal acts, including improper sales and cash payments to government officials; (4) that these practices caused the Company to be vulnerable to potential civil and criminal liability, and adverse regulatory action; and (5) that, as a result of the foregoing, Defendants’ statements about OSI’s business, operations, and prospects, were materially false and/or misleading and/or lacked a reasonable basis.

Follow us for updates on Twitter: twitter.com/GPM_LLP.

If you purchased shares of OSI, you may move the Court no later than February 5, 2018 to ask the Court to appoint you as lead. 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 wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts
Glancy Prongay and Murray LLP, Los Angeles
Lesley Portnoy, 310-201-9150 or 888-773-9224
www.glancylaw.com 
shareholders@glancylaw.com

Primary Logo

  • ET PRO
  • Market Data

Market-moving news and views, 24 hours a day >

February 24 01:30 UTC Released

CNChina House Prices YY

Actual

5 %

Forecast

Previous

5.3 %

February 23 20:00 UTC Released

USCattle Placed On Fd

Actual

104 %

Forecast

100.4 %

Previous

101 %

January 31 00:00 UTC 3646936469m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 3646936469m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 4828948289m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 3646936469m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 4828948289m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 3646936469m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 3646936469m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 3646936469m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.