OSIS INVESTOR ALERT: Law Offices of Howard G. Smith Announces the Filing of a Securities Class Action on Behalf of OSI Systems, Inc. Investors and Encourages Investors to Contact the Firm

BENSALEM, Pa.--()--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors that purchased OSI Systems, Inc. (“OSI” or the “Company”) (NASDAQ: OSIS) securities between August 21, 2013 and December 6, 2017, inclusive (the “Class Period”). OSI investors have until February 5, 2018 to file a lead plaintiff motion.

“investigators’ interviews with former employees yielded numerous anecdotes indicating OSIS is rotten to the core”

Investors suffering losses on their OSI investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.

On December 6, 2017, Muddy Waters Research published a report on OSI entitled “OSIS: Rotten to the Core.” Therein, Muddy Waters alleged 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 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.”

On this news, the Company’s stock price fell $24.55 per share, or 29.2%, to close at $59.52 per share on December 6, 2017, on unusually heavy trading volume, thereby injuring investors.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose: (1) that OSI acquired the Albania concession through bribery or other illicit means; (2) that 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) that OSI engaged in other illegal acts, including improper sales and cash payments to government officials; (4) that these practices caused the Company to be vulnerable to potential civil and criminal liability, and adverse regulatory action; and (5) that, as a result of the foregoing, Defendants’ statements about OSI’s business, operations, and prospects, were materially false and/or misleading and/or lacked a reasonable basis.

If you purchased shares of OSI, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts

Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com

Recent Stories

RSS feed for Law Offices of Howard G. Smith

Release Summary

OSIS INVESTOR ALERT: Law Offices of Howard G. Smith Announces the Filing of a Securities Class Action on Behalf of OSI Systems, Inc. Investors

Law Offices of Howard G. Smith