STEVENSON, Md., Dec. 13, 2013 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Central District of California on behalf of purchasers of OSI Systems, Inc. ("OSI Systems" or the "Company") (Nasdaq: OSIS ) securities during the period between January 24, 2012 and December 6, 2013, inclusive (the "Class Period").
If you have suffered a net loss from investment in OSI Systems, Inc. securities purchased on or after January 24, 2012, and held through any of the revelations of negative information on November 14, 2012, January 22, 2013, and/or December 6, 2013, as described below, at no cost to you, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com , by email at hoffman@browerpiven.com , by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
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 no later than February 10, 2014 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period.
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 the Company manipulated operational tests of its Advanced Imaging Technology by selectively picking the best sensors, and that the Company's products raised strong privacy concerns and were manufactured with parts that directly violated contracts with the Transportation Security Administration ("TSA"), thereby risking cancellation of the contracts. According to the complaint, following November 14, 2012 news reports that a key congressman disclosed that the Company may have committed fraud by "knowingly manipulating" the results of an operational test in connection with the Company's Advanced Imaging Technology, the January 22, 2013 disclosure that the TSA had ended its contract with the Company and that OSI Systems would have to bear the costs of removing all Rapiscan full body scanners from airports, and the December 6, 2013 disclosure that the TSA had canceled a $60 million contract for the company's carry-on baggage screening equipment, with the possibility of a future ban on contracting with the Department of Homeland Security, the value of OSI Systems shares declined significantly.
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.
Charles J. Piven Brower Piven, A Professional Corporation Stevenson, Maryland 410/415-6616
