Law Offices of Howard G. Smith Announces Lead Plaintiff Deadline In The Class Action Lawsuit Against OSI Systems, Inc.
BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that investors of (“OSI” or the “Company”) (NASDAQ:OSIS) have until February 10, 2014, to move the Court to serve as lead plaintiff in the securities fraud class action lawsuit filed in the United States District Court for the Central District of California on behalf of a class (the “Class”) comprising all persons who purchased OSI securities between January 24, 2012 and December 6, 2013, inclusive (the “Class Period”).
OSI designs and manufactures electronic systems and components for homeland security, healthcare, defense and aerospace markets. One of the Company’s largest customers is the United States Department of Homeland Security and the Transportation Security Administration (TSA). The Complaint alleges that the defendants made false and/or misleading statements and failed to disclose material adverse facts about the Company's business, operations and compliance policies. Specifically, defendants misrepresented or failed to disclose that:
- The Company manipulated an operational test of its Advanced Imaging Technology, causing the test not to be representative of the scanners already deployed at airports.
- The Company’s products raised strong privacy concerns and were subject to disqualification for use in airport security checkpoints.
- The Company manufactured its products with parts that directly violated contracts with the TSA, thereby risking cancellation of the contracts.
If you are a member of the Class described above, you have certain rights and have until February 10, 2014, to move for lead plaintiff status. To be a member of the Class you need not take any action at this time or may retain counsel of your choice. If you purchased shares prior to the Class Period and wish to learn more concerning 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 firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com.