NEW YORK –Bragar Eagel & Squire, P.C. announces to investors that a class action complaint was recently filed against OSI Systems, Inc. (NASDAQ:OSIS). The complaint was brought on behalf of all purchasers of OSI Systems securities between August 21, 2013 and February 1, 2018, for alleged violations of the Securities Exchange Act of 1934 by OSI Systems’ officers and directors.
According to the complaint, on August 21, 2013, OSI announced that it had entered into a 15-year agreement to provide turnkey cargo and vehicle security screening services in Albania. However, OSI officials failed to disclose that OSI transferred 49% of its project company associated with the Albania contract—the entity to which all rights and obligations under the contract belong and therefore worth millions—to a holding company owned by an Albanian doctor for consideration of less than $5.00. Muddy Waters Research brought this information to light on December 6, 2017, when it reported that OSI obtained the contract in Albania through corruption. Immediately following the Muddy Waters report, OSI denied Muddy Waters’ claims, calling them misleading.
On February 1, 2018, OSI Systems effectively admitted that the Muddy Waters report was accurate, and announced that the Securities and Exchange Commission (SEC) had commenced an investigation into the Company’s compliance with the Foreign Corrupt Practices Act (FCPA), and that the U.S. Attorney’s Office for the Central District of California (DOJ) had also said it intended to request information regarding FCPA compliance matters. Following this news, OSI’s share price fell $12.00 per share, or over 18%, to close at $54.60 per share on February 2, 2018.
If you purchased or otherwise acquired OSI Systems securities and continue to hold shares, have information, 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 Brandon Walker or Melissa Fortunato by email at [email protected], or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information concerning the OSI Systems, Inc. lawsuit, please go to www.bespc.com/osis. For additional information about Bragar Eagel & Squire, P.C., please go to www.bespc.com.