NEW YORK--(BUSINESS WIRE)--Scott+Scott Attorneys at Law LLP (“Scott+Scott”), a national shareholder and consumer rights litigation firm, is notifying investors that a class action lawsuit has been filed against Mobile TeleSystems PJSC (“Mobile TeleSystems” or the “Company”) (NYSE:MBT) and other defendants, related to alleged violations of federal securities laws. If you purchased Mobile TeleSystems securities between March 19, 2014 through March 7, 2019, you are encouraged to contact a Scott+Scott attorney at (844) 818-6982 for more information.
The lawsuit alleges defendants made false and/or misleading statements and/or failed to disclose information to investors, specifically: (1) Mobile TeleSystems and its subsidiary were involved in a scheme to pay $420 million in bribes in Uzbekistan; (2) consequently, Mobile TeleSystems knew or should have known it would be forced to pay substantial fines to the U.S. government; (3) Mobile TeleSystems’ level of cooperation with the U.S. government and remediation was lacking; and (4) due to the aforementioned misconduct, Mobile TeleSystems would be forced to pay approximately $850 million in criminal penalties to the U.S. government.
On November 20, 2018, Mobile TeleSystems disclosed that it had reserved approximately $840 million USD (RUB 55.8 bln) as the potential liability concerning investigations by the U.S. Securities and Exchange Commission and the U.S. Department of Justice (“DOJ”) into its former operations in Uzbekistan.
On this news, shares of Mobile TeleSystems fell $0.64 per share, nearly 8%, to close at $7.45 per share on November 20, 2018.
Then, on March 7, 2019, the DOJ reported that Mobile TeleSystems and its subsidiary entered into an agreement to pay $850 million in penalties to the United States to resolve charges arising from its role in a scheme to pay $420 million in bribes in Uzbekistan.
On this news, shares of Mobile TeleSystems fell $0.24 per share, over 3%, to close at $7.54 per share on March 7, 2019.
What You Can Do
If you purchased Mobile TeleSystems securities between March 19, 2014 through March 7, 2019, inclusive, or if you have questions about this notice or your legal rights, please contact attorney Joe Pettigrew at (844) 818-6982, or at jpettigrew@scott-scott.com. The lead plaintiff deadline is May 20, 2019.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.
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