OSI Systems, Inc. (NASDAQ:OSIS) Investor Alert: Lawsuit over Alleged Securities Laws Violations
A lawsuit was filed on behalf of investors in OSI Systems, Inc. (NASDAQ:OSIS) shares over alleged securities laws violations. Deadline: February 10, 2014. NASDAQ:OSIS investors should contact the Shareholders Foundation at email@example.com
San Diego, CA -- (SBWire) -- 12/16/2013 --An investor, who purchased shares of OSI Systems, Inc. (NASDAQ:OSIS), filed a lawsuit in the U.S. District Court for the Central District of California over alleged violations of Federal Securities Laws by OSI Systems, Inc. in connection with certain allegedly false and misleading statements made between January 24, 2012 and December 6, 2013.
Investors who purchased shares of OSI Systems, Inc. (NASDAQ:OSIS) have certain options and for certain investors are short and strict deadlines running. Deadline: February 10, 2014. NASDAQ:OSIS investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired OSI Systems, Inc. (NASDAQ:OSIS) between January 24, 2012 and December 6, 2013, that OSI Systems, Inc. and certain of its officers and directors violated the Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
More specifically, the plaintiff alleges that between January 24, 2012 and December 6, 2013 , defendants made allegedly false and/or misleading statements and/or allegedly failed to disclose that OSI Systems, Inc. manipulated operational test of its Advanced Imaging Technology by selectively picking the best sensors, causing the test not to be representative of the scanners already deployed at airports, that OSI Systems, Inc.'s products raised strong privacy concerns and were subject to disqualification for use in airport security checkpoints, that OSI Systems, Inc. manufactured its products with parts that directly violated contracts with the U.S. Transportation Security Administration (TSA), thereby risking cancellation of the contracts, and that as a result of the above, the Company's financial statements were materially false and misleading at all relevant times.
On November 14, 2012, after the market closed, various news sources reported that a key congressman disclosed OSI Systems, Inc. may have committed fraud by "knowingly manipulating" the results of an operational test in connection with the Company's Advanced Imaging Technology ("AIT"), otherwise commonly known as body scanners.
On January 22, 2013, the TSA reported that it had ended its contract with OSI Systems, Inc., and that OSI Systems, Inc. would have to bear the costs of removing all Rapiscan full body scanners from airports, because TSA administrators concluded the company could not meet a congressional deadline to produce generic passenger images.
On December 9, 2013, OSI Systems, Inc. announced that its security division, Rapiscan Systems, provided an update on the delivery order recently terminated by the TSA.
Shares of OSI Systems, Inc. declined from $77.29 per share on November 29, 2013, to $40.17 per share on December 9, 2013.
On December 13, 2013, NASDAQ:OSIS shares closed at $52.08 per share.
Those who purchased shares of OSI Systems, Inc. have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego
Media Relations Contact
Shareholders Foundation, Inc.
View this press release online at: http://rwire.com/411171