BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of a class (the "Class") of investors in VimpelCom Ltd. (“VimpelCom” or the “Company”) (NASDAQ:VIP) between June 30, 2011 and November 2, 2015, inclusive (the “Class Period”). Investors have until January 4, 2016 to file a motion to be appointed as lead plaintiff in the shareholder lawsuit.
VimpelCom provides telecommunications services under various brand names in Italy, Russia, Ukraine, Kazakhstan, Uzbekistan, Tajikistan, Armenia, Georgia, Kyrgyzstan, Laos, Algeria, Bangladesh, and Pakistan. On March 12, 2014, the Company announced that it was facing investigations by both the SEC and Dutch authorities related to its operations in Uzbekistan. Then, on March 18, 2014, the Company disclosed that the U.S. Department of Justice had initiated an investigation into VimpelCom’s operations in Uzbekistan. And, in August 2015, U.S. authorities allegedly requested that roughly $1 billion in VimpelCom assets be seized in a wide-ranging criminal probe of alleged corruption by the Company and two other companies, Mobile TeleSystems PJSC and TeliaSonera AB, for paying hundreds of millions of dollars in bribes to secure wireless spectrum in Uzbekistan. Finally, on November 3, 2015, the Company announced that it had set aside $900 million in litigation costs to deal with the U.S. and European investigations into its Uzbekistan operations. VimpelCom investors have suffered greatly by the sharp decline in the Company’s share price following these various disclosures.
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) that the Company’s business practices were in violation of applicable laws; and, (2) that, as a result of the foregoing, the Company’s statements about its business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
If you purchased shares of VimpelCom during the Class Period, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at http://www.howardsmithlaw.com.
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