Law Offices of Howard G. Smith Announces Class Action Lawsuit Against OSI Systems, Inc.
11 January 2014 - 1:32PM
Business Wire
Law Offices of Howard G. Smith announces that a class action
lawsuit has been filed in the United States District Court for the
Central District of California on behalf of a class (the “Class”)
comprising all purchasers of OSI Systems, Inc. (“OSI” or the
“Company”) (NASDAQ:OSIS) securities between January 24, 2012 and
December 6, 2013, inclusive (the “Class Period”).
OSI designs and manufactures electronic systems and components
for homeland security, healthcare, defense and aerospace
markets. One of the Company’s largest customers is the United
States Department of Homeland Security and the Transportation
Security Administration (TSA). The Complaint alleges that the
defendants made false and/or misleading statements and failed to
disclose material adverse facts about the Company's business,
operations and compliance policies. Specifically, defendants
misrepresented or failed to disclose that:
- The Company manipulated an operational
test of its Advanced Imaging Technology, causing the test not to be
representative of the scanners already deployed at airports.
- The Company’s products raised strong
privacy concerns and were subject to disqualification for use in
airport security checkpoints.
- The Company manufactured its products
with parts that directly violated contracts with the TSA, thereby
risking cancellation of the contracts.
If you are a member of the Class described above, you may move
the Court no later than February 10, 2014, to serve as lead
plaintiff; however, you must meet certain legal requirements. To be
a member of the Class you need not take any action at this time;
you may retain counsel of your choice or take no action and remain
an absent member of the Class. If you have any questions concerning
this Notice 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 http://www.howardsmithlaw.com.
Law Offices of Howard G. SmithHoward G. Smith, Esquire(215)
638-4847(888)
638-4847howardsmith@howardsmithlaw.comwww.howardsmithlaw.com
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