Cases
OSI Systems, Inc. (NASDAQ: OSIS)
Corporate Governance / Derivative
Overview
Overview
- Date:
- 4/23/2018
- Case Caption:
- Riley v. Chopra, et al.
- Stock Symbol:
- OSIS
- Status:
- Pending
- Court:
- U.S. District Court: Central California
Bragar Eagel & Squire, P.C. is investigating potential claims against OSI Systems, Inc. (NASDAQ: OSIS) on behalf of long-term stockholders. Our investigation concerns whether the board of directors of OSI Systems has breached their fiduciary duties to the company.
On December 6, 2017, Muddy Waters, LLC issued a research report alleging that OSI Systems “obtained a major turnkey contract in Albania through corruption.” In an interview with Bloomberg TV, Mr. Block alleged the presence of “smoking-gun proof that, when this company got a turn-key contract a few years ago in Albania — worth $150-$250 million top line — that they paid a bribe or kickback of almost half of that concession. To me, this is damning evidence.”
Following this news, shares of OSI Systems fell from a close of $84.07 on December 5, 2017, to a close of $59.52 per share on December 6, 2017.
On December 6, 2017, Muddy Waters, LLC issued a research report alleging that OSI Systems “obtained a major turnkey contract in Albania through corruption.” In an interview with Bloomberg TV, Mr. Block alleged the presence of “smoking-gun proof that, when this company got a turn-key contract a few years ago in Albania — worth $150-$250 million top line — that they paid a bribe or kickback of almost half of that concession. To me, this is damning evidence.”
Following this news, shares of OSI Systems fell from a close of $84.07 on December 5, 2017, to a close of $59.52 per share on December 6, 2017.