BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased VimpelCom Ltd. (“VimpelCom” or the “Company”) (NASDAQ: VIP) between December 2, 2010 through November 2, 2015, inclusive (the “Class Period”). Investors who suffered losses on their investment in VimpelCom securities are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action.
The lawsuit alleges that the Company failed to disclose to investors the Company’s alleged lack of adequate controls and VimpelCom’s alleged use of illegal bribes to win business.
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.
If you purchased VimpelCom securities you may move the Court no later than January 4, 2016 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please 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 email@example.com, or visit our website at http://www.howardsmithlaw.com.
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