NEW YORK--(BUSINESS WIRE)--
Bragar Eagel & Squire, P.C. reminds investors that a class action lawsuit has been filed in the U.S. District Court for the Central District of California on behalf of all persons or entities who purchased or otherwise acquired OSI Systems, Inc. (NASDAQ:OSIS) securities between August 16, 2013 and December 6, 2017 (the “Class Period”). Investors have until February 5, 2018 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
On December 6, 2017, Carson Block, the founder of Muddy Waters Capital, alleged in a video documentary that OSI Systems, the maker of Rapiscan airport metal detectors, is “rotten to the core” and further alleged that there was corruption in the 2013 award of OSI’s Albania concession. Following this news, OSI Systems shares fell $24.55 per share, or 29%, to close at $59.52 on December 6, 2017.
The Complaint alleges that 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.
If you purchased or otherwise acquired OSI Systems securities during the Class Period and suffered a loss, continue to hold shares purchased prior to the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at [email protected], or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information concerning the OSI Systems, Inc. lawsuit, please go to www.bespc.com/osis. For additional information about Bragar Eagel & Squire, P.C., please go to www.bespc.com.
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