The Rosen Law Firm, P.A. announces that it is investigating potential
securities fraud claims against OSI Systems, Inc. (Nasdaq:OSIS)
resulting from allegations that the company may have issued materially
misleading business information to the investing public.
The investigation concerns whether OSI Systems and certain of its
officers and directors violated Sections 10(b) and 20(a) of the
Securities Exchange Act of 1934. On December 5, 2013, OSI Systems
announced that its security division, Rapiscan Systems, was notified by
the U.S. Transportation Security Administration (“TSA”) that an order
for an Advanced Technology X-Ray (AT-2) based systems, with a value of
approximately $60 million, was being cancelled for default. On December
9, 2013, OSI Systems revealed that TSA cancelled the order because OSI
Systems failed to obtain the necessary TSA approval prior to using a new
part for its AT-2 detection systems manufactured in China, violating its
contract. On that same day, it was disclosed that the Company may face a
ban on U.S. contracts for using such unapproved Chinese-made parts in
its baggage-screening equipment.
On this news, shares of OSI Systems fell $17.37 per share or by
approximately 27%, closing at a price of $47.38 on December 9, 2013,
damaging investors.
The Rosen Law Firm is preparing a class action lawsuit as a result of
this adverse information. If you purchased OSI Systems securities, you
may visit the website at http://rosenlegal.com
to join the class action. You may also contact Phillip Kim, Esq. or
Kevin Chan, Esq. of The Rosen Law Firm toll free at 866-767-3653 or via
e-mail at pkim@rosenlegal.com
or kchan@rosenlegal.com.
The Rosen Law Firm represents investors throughout the globe,
concentrating its practice in securities class actions and shareholder
derivative litigation.
Attorney Advertising. Prior results do not guarantee a similar outcome.
Copyright Business Wire 2013