WILMINGTON, Del., Nov. 5, 2015 /PRNewswire/ -- Rigrodsky & Long, P.A.:
- Do you, or did you, own shares of VimpelCom Ltd. (NASDAQ GS: VIP)?
- Did you purchase your shares between June 30, 2011 and November 2, 2015, inclusive?
- Did you lose money in your investment?
Rigrodsky & Long, P.A. 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 securities of VimpelCom Ltd. ("VimpelCom" or the "Company") (NASDAQ GS: VIP) between June 30, 2011 and November 2, 2015, inclusive (the "Class Period"), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the "Complaint").
The Complaint alleges that during the Class Period, defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies, and failed to disclose that VimpelCom paid tens of millions of dollars in bribes to a company controlled by Gulnara Karimova ("Karimova"), the daughter of the president of Uzbekistan, to gain access to Uzbekistan's telecommunications market.
On March 12, 2014, the Company disclosed that it was being investigated by the United States Securities and Exchange Commission and Dutch authorities in connection with its Uzbekistan operations. In August 2015, U.S. authorities reportedly requested their European counterparts to seize roughly $1 billion in assets in a connection with a criminal investigation of alleged corruption by VimpelCom, Mobile TeleSystems PJSC, 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, VimpelCom announced that it had reserved $900 million for litigation costs in connection with the U.S. and Dutch investigations. On that same day, the price of Company's ADRs fell to a close of $3.50 per ADR, from a close of $3.67 per ADR on the previous day.
On November 5, 2015, it was reported that Norwegian police had detained former VimpelCom CEO Jo Lunder on suspicion of corruption as part of a probe into the Company's business in Uzbekistan. Lunder served as the Company's CEO from 2011 until March 2015.
If you wish to serve as lead plaintiff, you must move the Court no later than January 4, 2016. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice. One of the key factors in selecting the lead plaintiff is the size of the loss. The larger the size of your economic loss, the greater the likelihood that you may be appointed to serve as lead plaintiff. Alternatively, you may choose to do nothing and remain an absent class member.
If you purchased shares of VimpelCom during the Class Period, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803 at (888) 969-4242; by e-mail to email@example.com; or at: http://rigrodskylong.com/investigations/vimpelcom-ltd-vip.
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SOURCE Rigrodsky & Long, P.A.