WAYNE, Pa., Nov. 12, 2015 /PRNewswire/ -- Ryan & Maniskas, LLP announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities that purchased the common stock of VimpelCom Ltd. (NASDAQ: VIP) ("VimpelCom" or the "Company") between June 30, 2011 and November 2, 2015, inclusive (the "Class Period").
VimpelCom shareholders may, no later than January 4, 2016, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of VimpelCom and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218 or to sign up online, visit: www.rmclasslaw.com/cases/vip.
VimpelCom provides telecommunications services under various brand names in Italy, Russia, Ukraine, Kazakhstan, Uzbekistan, Tajikistan, Armenia, Georgia, Kyrgyzstan, Laos, Algeria, Bangladesh, and Pakistan.
On March 12, 2014, the Company announced that it was facing investigations by both the SEC and Dutch authorities related to its operations in Uzbekistan. Then, on March 18, 2014, the Company disclosed that the U.S. Department of Justice had initiated an investigation into VimpelCom's operations in Uzbekistan. And, in August 2015, U.S. authorities allegedly requested that roughly $1 billion in VimpelCom assets be seized in a wide-ranging criminal probe of alleged corruption by the Company and two other companies, Mobile TeleSystems PJSC and TeliaSonera AB, for paying hundreds of millions of dollars in bribes to secure wireless spectrum in Uzbekistan.
Finally, on November 3, 2015, the Company announced that it had set aside $900 million in litigation costs to deal with the U.S. and European investigations into its Uzbekistan operations. VimpelCom investors have suffered greatly by the sharp decline in the Company's share price following these various disclosures.
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) that the Company's business practices were in violation of applicable laws; and, (2) that, as a result of the foregoing, the Company's statements about its business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
Following this news, VimpelCom's ADRs fell $0.17, or 4.63%, to close at $3.50 on November 3, 2015.
If you are a member of the class, you may, no later than January 4, 2016, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide. To learn more about the class action process, please visit: www.rmclasslaw.com.
SOURCE Ryan & Maniskas, LLP