SAN FRANCISCO--(BUSINESS WIRE)--The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that class action litigation has been brought on behalf of investors who purchased or otherwise acquired the securities of VimpelCom, Ltd. (“VimpelCom” or the “Company”) (NASDAQ:VIP) between June 30, 2011 and November 2, 2015, inclusive (the “Class Period”).
If you purchased or otherwise acquired the securities of VimpelCom during the Class Period, you may move the Court for appointment as lead plaintiff by no later than January 4, 2016. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the action will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
VimpelCom investors who wish to learn more about the action and how to seek appointment as lead plaintiff should click here or contact Sharon M. Lee of Lieff Cabraser toll-free at 1-800-541-7358.
Background on the VimpelCom Securities Class Litigation
VimpelCom provides telecommunications services under various brand names in Italy, Russia, Ukraine, Kazakhstan, Uzbekistan, Tajikistan, Armenia, Georgia, Kyrgyzstan, Laos, Algeria, Bangladesh, and Pakistan.
The complaint alleges that throughout the Class Period, defendants made materially false and/or misleading statements and/or failed to disclose that: (i) VimpelCom had paid tens of millions of dollars to a company controlled by Gulnara Karimova, daughter of the president of Uzbekistan; (ii) the payments to Ms. Karimova were unlawful bribes intended to secure VimpelCom’s access to Uzbekistan’s telecommunications market; and (iii) as a result of the foregoing, Defendants statements about VimpelCom’s business, operations, and prospects were false and misleading and/or lacked a reasonable basis.
On March 12, 2014, VimpelCom announced that it was facing investigations by both the Securities and Exchange Commission and Dutch authorities related to its operations in Uzbekistan. Then, on March 18, 2014, VimpelCom reported that it was the focus of an investigation by the U.S. Department of Justice related to the Company’s operations in Uzbekistan.
On August 13, 2015, U.S. authorities reportedly had asked their European counterparts to seize roughly $1 billion in assets in a wide-ranging criminal probe of alleged corruption by VimpelCom and two other companies, Mobile TeleSystems PJSC and TeliaSonera AB, for paying hundreds of millions of dollars to businesses controlled by Ms. Karimova in order to secure wireless spectrum in Uzbekistan. On this news, the price of VimpelCom’s American Depositary Receipts (“ADRs”) fell $0.13 per share, or 2.34% from a previous closing price of $5.56 per share on August 13, 2015, to close at $5.43 per share on August 14, 2015.
On November 3, 2015, before the market opened, VimpelCom announced that it had set aside $900 million for litigation costs in connection with U.S. and Dutch investigations into the Company’s operations in Uzbekistan. On this news, the price of VimpelCom’s ADRs fell $0.17 per share, or 4.63%, from a previous closing price of $3.67 per share on November 2, 2015, to close at $3.50 per share on November 3, 2015.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, Nashville, and Seattle, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.
The National Law Journal has recognized Lieff Cabraser as one of the nation’s top plaintiffs’ law firms for thirteen years. In compiling the list, the National Law Journal examines recent verdicts and settlements and looked for firms “representing the best qualities of the plaintiffs’ bar and that demonstrated unusual dedication and creativity.” Best Lawyers and U.S. News have named Lieff Cabraser as a “Law Firm of the Year” for each year the publications have given this award to law firms, including in 2016.
For more information about Lieff Cabraser and the firm’s representation of investors, please visit http://www.lieffcabraser.com.
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