SAN DIEGO, Jan. 27, 2014 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a deadline to get actively involved is coming up on February 10, 2014 in the lawsuit filed on behalf of certain purchasers of OSI Systems, Inc. (OSIS) common stock 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.
If you purchased a significant amount of shares of OSI Systems, Inc. (OSIS) between January 24, 2012 and December 6, 2013, and / or if you purchased OSIS shares prior to January 2012 and currently hold any of those shares, you have certain options and you should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
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 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. (OSIS) declined from $77.29 per share on November 29, 2013, to $40.17 per share on December 9, 2013.
Those who purchased shares of OSI Systems, Inc. have certain options and should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.