NEW YORK, Jan. 19, 2018 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in OSI Systems, Inc. (“OSI” or the “Company”) (NASDAQ:OSIS) of the February 5, 2018 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in OSI stock or options between August 21, 2013 and December 6, 2017 and would like to discuss your legal rights, click here: http://www.faruqilaw.com/OSIS. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com.
CONTACT:
FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
rgonnello@faruqilaw.com
Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the Central District of California on behalf of all those who purchased OSI securities between August 21, 2013 and December 6, 2017 (the “Class Period”). The case, Longo v. OSI Systems, Inc., No. 2:17-cv-08841 was filed on December 7, 2017.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making materially false and/or misleading statements and/or failing to disclose that: (i) OSI acquired the Albania concession through bribery or other illicit means; (ii) OSI transferred 49% of its project company associated with the Albania concession for consideration of less than $5.00; (iii) OSI engaged in unlawful acts such as improper sales and cash payments to government officials; (iv) these practices caused the Company to be vulnerable to potential civil and criminal liability, and adverse regulatory action; and (v) as a result, OSI’s statements about its business, operations, and prospects, were materially false and/or misleading.
Specifically, on December 6, 2017, Muddy Waters Research published a report (the “Report”) on OSI alleging that there was corruption in the 2013 award of OSI’s Albania concession. The Report also alleges, among other things, 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, OSI’s share price fell from $84.07 per share on December 5, 2017 to a closing price of $59.52 on December 6, 2017—a $24.55 or a 29.20% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding OSI’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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