An investigation on behalf of investors in OSI Systems, Inc. (NASDAQ:OSIS) shares over potential wrongdoing at OSI Systems was announced.
San Diego, CA -- (SBWIRE) -- 08/10/2015 -- An investigation on behalf of current long-term investors in shares of OSI Systems, Inc. (NASDAQ:OSIS) shares was announced over potential breaches of fiduciary duties by certain officers and directors at OSI Systems.
Investors who purchased shares of OSI Systems, Inc. (NASDAQ:OSIS) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain OSI Systems officers and directors breached their fiduciary duties and caused damage to the company and its shareholders.
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.
On December 12, 2013 a lawsuit was filed against OSI Systems, Inc. over alleged Securities Laws Violations. The plaintiff alleged 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.
OSI Systems, Inc. reported that its Total Revenue rose from $802.05 million for the 12 months period that ended on June 30, 2013 to $906.74 million for the 12 months period that ended on June 30, 2014 and that its respective Net Income increased from $44.13 million to $47.89 million.
On August 6, 2015, NASDAQ:OSIS shares closed at $68.39 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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