NEW YORK, Dec. 8, 2017 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against OSI Systems, Inc. ("OSI" or the "Company") (NASDAQ: OSIS) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired OSI securities between August 21, 2013 and December 6, 2017, both dates inclusive (the "Class Period"). Such investors are encouraged to join this case by visiting the firm's site: http://www.bgandg.com/osis.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
On December 6, 2017, Muddy Waters Research published a report stating that OSI "is rotten to the core" and that the Company "obtained a major turnkey contract in Albania through corruption." Muddy Waters claimed that while the concession "has an estimated top line lifetime value of $150 million to $250 million," the Company "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." The report also alleged 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." Following this news, OSI stock dropped $24.55 per share, or 29.2%, to close at $59.52 on December 6, 2017.
The complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and/or failed to disclose that: (1) OSI acquired the Albania concession through bribery or other illicit means; (2) OSI transferred 49% of its project company associated with the Albania concession, S2 Albania SHPK, an entity purportedly worth millions, for consideration of less than $5.00; (3) OSI engaged in other illegal acts, including improper sales and cash payments to government officials; (4) that these practices caused OSI to be vulnerable to potential civil and criminal liability, and adverse regulatory action; and (5) consequently, Defendants' statements about OSI's business, operations, and prospects, were materially false and/or misleading and/or lacked a reasonable basis.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm's site: http://www.bgandg.com/osis or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in OSI you have until February 5, 2018 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | firstname.lastname@example.org
SOURCE Bronstein, Gewirtz & Grossman, LLC