NEW YORK, Dec. 15, 2017 /PRNewswire/ -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) has filed a class action suit in the United States District Court for the Central District of California against OSI Systems, Inc. ("OSI" or the "Company") (Nasdaq: OSIS), and certain of its senior officers.
The complaint alleges that Defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the "Exchange Act") and Rule 10b-5 promulgated thereunder by the SEC, and is brought by Plaintiff on behalf of all persons and entities who purchased the common stock of OSI between August 21, 2013 and December 6, 2017, inclusive (the "Class Period").
The complaint further alleges that throughout the Class Period, Defendants "made materially false or misleading statements, and failed to disclose" material adverse facts about the Company's business, operations, and prospects. "On December 6, 2017, Muddy Waters Research published a report on OSI entitled "OSIS: Rotten to the Core." (http://www.muddywatersresearch.com/research/). Muddy Waters alleges that there was corruption in the 2013 award of OSI's Albania concession. Muddy Waters claims that while the concession "has an estimated top line lifetime value of $150 million to $250 million," OSI "likely bribed somebody by giving half of it away for $4.50" since "[t]here was an unannounced transfer of 49% of OSIS's project company, S2 Albania SHPK, to a holding company owned by an Albanian doctor, for consideration of less than $5.00." Muddy Waters also alleges that its "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, the Company's stock price declined $24.55 per share, or 29.2%, to close at $59.52 per share on December 6, 2017, on unusually heavy trading volume.
If you are a member of the proposed Class, you may move the court no later than February 5, 2018 to serve as a lead plaintiff for the proposed Class. You need not seek to become a lead plaintiff in order to share in any possible recovery.
Plaintiff seeks to recover damages on behalf of the proposed Class and is represented by Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com). Our firm, with offices in New York, San Francisco, Los Angeles, Chicago, and New Jersey, has decades of experience in prosecuting investor class actions and actions involving violations of the Federal securities laws.
If you have any questions about this Notice, the action, your rights, or your interests, please e-mail attorneys Jeff Campisi (email@example.com), or Larry King (firstname.lastname@example.org), or contact them by phone, regular mail, or fax:
Jeffrey P. Campisi
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, NY 10022
Toll-Free Telephone: (800) 290-1952
Telephone: (212) 687-1980
Fax: (212) 687-7714
E-mail address: email@example.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
350 Sansome Street, Suite 400
San Francisco, CA 94104
Telephone: (415) 772-4700
Fax: (415) 772-4707
E-mail address: firstname.lastname@example.org
SOURCE Kaplan Fox & Kilsheimer LLP