San Diego, CA -- (SBWIRE) -- 11/19/2012 -- An investigation on behalf of investors of OSI Systems, Inc. (NASDAQ:OSIS) shares over potential securities laws violations by OSI Systems, Inc. and certain of its directors and officers in connection certain financial statements was announced .
Investors who purchased shares of OSI Systems, Inc. (NASDAQ:OSIS), have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 – 1554.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of OSI Systems, Inc. (NASDAQ:OSIS) concerning whether a series of statements by OSI Systems, Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
OSI Systems, Inc. (NASDAQ:OSIS) reported that its Total Revenue rose from $590.36 million for the 12 months period that ended on June 30, 2009 to $792.99 million for the 12 months period that ended on June 30, 2012 and that its Net Income for the respective time periods increased from $11.15 million to $45.55 million.
Shares of OSI Systems, Inc. (NASDAQ:OSIS) grew from as low as $11.21 per share in Jan. 2009 to as high as $80.61 per share on November 6, 2012.
Then on November 15, 2012, media reports surfaced citing a U.S. lawmaker that OSI Systems’ Rapiscan unit, one of two suppliers of body-scanning machines in U.S. airports, may have falsified tests of software intended to stop the machines from recording graphic images of travelers. Representative Mike Rogers, chairman of the House Transportation Security Subcommittee said in a letter to Transportation Security Administration chief on Nov. 13 that the company “may have attempted to defraud the government by knowingly manipulating an operational test”.
The same day, OSI Systems responded to the media reports Regarding Testing of AIT Systems. OSI Systems, Inc. announced that on November 9, 2012 Rapiscan Systems, its Security division, was delivered a show cause letter from the U.S. Transportation Security Administration (TSA). The letter, which pertains to a privacy system Rapiscan was developing under contract for the TSA, alleges that Rapiscan did not disclose issues related to the development process in a timely or complete manner.
OSI Systems, Inc. said that ccontrary to some press reports, Rapiscan did not falsify test data and TSA testimony to Congress on Nov. 15, 2012 confirmed that this was at all times a government controlled test and that Rapiscan could not have manipulated any test data.
Shares of OSI Systems, Inc. (NASDAQ:OSIS) fell from $76.29 per share on November 14, 2012 to as low as $48.53 per share on November 15, 2012.
On Nov. 16, 2012, NASDAQ:OSIS shares closed at $63.94 per share.
Those who purchased shares of OSI Systems, Inc. (NASDAQ:OSIS) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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