SHAREHOLDER ALERT: Brower Piven Encourages Investors With More Than $150,000 in Losses from Investment in OSI Systems, Inc. t...
07 January 2014 - 9:50AM
Business Wire
Brower Piven, A Professional Corporation announces that a class
action lawsuit has been commenced in the United States District
Court for the Central District of California on behalf of
purchasers of OSI Systems, Inc. (“OSI Systems” or the “Company”)
(NasdaqGS: OSIS) securities during the period between January 24,
2012 and December 6, 2013, inclusive (the “Class Period”).
If you have suffered a net loss from investment in OSI Systems,
Inc. securities purchased on or after January 24, 2012, and held
through any of the revelations of negative information on November
14, 2012, January 22, 2013, and/or December 6, 2013, as described
below, at no cost to you, you may obtain additional information
about this lawsuit and your ability to become a lead plaintiff by
contacting Brower Piven at www.browerpiven.com, by email at
hoffman@browerpiven.com, by calling 410/415-6616, or at Brower
Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson,
Maryland 21153. Attorneys at Brower Piven have combined experience
litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of
the Class will be represented by the lead plaintiff and counsel
chosen by the lead plaintiff. If you wish to choose counsel to
represent you and the Class, you must apply to be appointed lead
plaintiff no later than February 10, 2014 and be selected by the
Court. The lead plaintiff will direct the litigation and
participate in important decisions including whether to accept a
settlement and how much of a settlement to accept for the Class in
the action. The lead plaintiff will be selected from among
applicants claiming the largest loss from investment in the Company
during the Class Period.
The complaint accuses the defendants of violations of the
Securities Exchange Act of 1934 by virtue of the defendants’
failure to disclose during the Class Period that the Company
manipulated operational tests of its Advanced Imaging Technology by
selectively picking the best sensors, and that the Company’s
products raised strong privacy concerns and were manufactured with
parts that directly violated contracts with the Transportation
Security Administration (“TSA”), thereby risking cancellation of
the contracts. According to the complaint, following November 14,
2012 news reports that a key congressman disclosed that the Company
may have committed fraud by “knowingly manipulating” the results of
an operational test in connection with the Company’s Advanced
Imaging Technology, the January 22, 2013 disclosure that the TSA
had ended its contract with the Company and that OSI Systems would
have to bear the costs of removing all Rapiscan full body scanners
from airports, and the December 6, 2013 disclosure that the TSA had
canceled a $60 million contract for the company’s carry-on baggage
screening equipment, with the possibility of a future ban on
contracting with the Department of Homeland Security, the value of
OSI Systems shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven
without financial obligation or cost to you, or you may retain
other counsel of your choice. You need take no action at this time
to be a member of the class.
Brower Piven, A Professional CorporationCharles J.
PivenStevenson, Maryland410-415-6616hoffman@browerpiven.com
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