NEW YORK, Jan. 1, 2016 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against VimpelCom Ltd. ("VimpelCom" or the "Company") (NASDAQ: VIP) and certain of its officers. The class action, filed in United States District Court, Southern District of New York, and docketed under 15-cv-08672 is on behalf of a class consisting of all persons or entities who purchased VimpelCom securities between June 30, 2011 and November 2, 2015 inclusive (the "Class Period"). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act").
If you are a shareholder who purchased VimpelCom securities during the Class Period, you have until January 4, 2016 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
VimpelCom provides telecommunications services under various brand names in Italy, Russia, Ukraine, Kazakhstan, Uzbekistan, Tajikistan, Armenia, Georgia, Kyrgyzstan, Laos, Algeria, Bangladesh, and Pakistan. The Company offers voice and data services through a range of traditional and broadband mobile and fixed line technologies. The Company offers mobile telecommunications services under contract and prepaid plans for both corporate and consumer segments; value-added and call completion services; national and international roaming services; wireless Internet access; mobile financial services; and mobile bundles. It also provides fixed-line telecommunication services, such as voice, data, and Internet services to corporations, operators, and consumers.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) VimpelCom had paid tens of millions of dollars to a company controlled by Gulnara Karimova ("Karimova"), daughter of the president of Uzbekistan; (ii) the payments to Karimova were unlawful bribes intended to secure VimpelCom's access to Uzbekistan's telecommunications market; and (iii) as a result of the foregoing, Defendants' statements about VimpelCom's business, operations, and prospects were false and misleading and/or lacked a reasonable basis.
On March 12, 2014, VimpelCom announced that it was facing investigations by both the SEC and Dutch authorities related to its operations in Uzbekistan.
On March 18, 2014, VimpelCom reported that the Company was the focus of an investigation by the U.S. Department of Justice related to the Company's operations in Uzbekistan.
Thereafter, on August 13, 2015, post-market, it was reported that U.S. authorities had asked their European counterparts to seize roughly $1 billion in assets in a wide-ranging criminal probe of alleged corruption by VimpelCom and two other companies, Mobile TeleSystems PJSC ("MTS") and TeliaSonera AB ("TeliaSonera"), for paying hundreds of millions of dollars to businesses controlled by Karimova to secure wireless spectrum in Uzbekistan.
On November 3, 2015, pre-market, VimpelCom announced that it had set aside $900 million for litigation costs in connection with U.S. and Dutch investigations into the Company's operations in Uzbekistan.
On this news, VimpelCom's ADRs fell $0.17, or 4.63%, to close at $3.50 on November 3, 2015.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
SOURCE Pomerantz LLP