STEVENSON, Md.--(BUSINESS WIRE)--The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of VimpelCom Ltd. (NasdaqGS: VIP) (“VimpelCom” or the “Company”) securities during the period between June 30, 2011 and November 2, 2015, inclusive (the “Class Period”). Investors who wish to become proactively involved in the litigation have until January 4, 2016 to seek appointment as lead plaintiff.
If you have suffered a loss from investment in VimpelCom securities purchased on or after June 30, 2011 and held through the revelation of negative information during and/or at the end of the Class Period, as described below, and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html. You may also request more information by contacting Brower Piven either by email at firstname.lastname@example.org or by telephone at (410) 415-6616. No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Company securities during the Class Period. Brower Piven also encourages anyone with information regarding the Company’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that VimpelCom had paid tens of millions of dollars in unlawful bribes to a company controlled by Gulnara Karimova (“Karimova”), daughter of the president of Uzbekistan, to secure VimpelCom’s access to Uzbekistan’s telecommunications market as a result of which the Defendants’ statements about VimpelCom’s business, operations, and prospects were false and misleading and/or lacked a reasonable basis.
According to the complaint, after it was reported on August 13, 2015 that U.S. authorities requested the seizure of roughly $1 billion in assets related to a wide-ranging criminal probe of alleged corruption concerning the payment of hundreds of millions of dollars to businesses controlled by Karimova to secure wireless spectrum in Uzbekistan, and following the Company’s announcement on November 3, 2015 that it set aside $900 million for litigation costs in connection with U.S. and Dutch investigations into the Company’s operations in Uzbekistan, the value of VimpelCom ADRs declined significantly.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.