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You must submit the settlement "Proof" form attached below, in order to participate in this settlement. There is a strict deadline of January 15, 2016 by which all claims must be submitted. The instructions for submitting are included in the "Proof" and the "Notice" files attached below for your download. DO NOT SEND THE FORMS TO THE SHAREHOLDERS FOUNDATION, INC.
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To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Lawsuit Overview
Settlement Overview
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September 2, 2015 - The court preliminarily approved the settlement.
August 21, 2015 - A stipulation of settlement was filed by the parties.
February 27, 2015 - A motion to dismiss the amended complaint was filed.
May 20, 2014 - An amended complaint was filed.
December 12, 2013 - An investor in shares of OSI Systems Inc (NASDAQ: OSIS) filed a lawsuit in the U.S. District Court for the Central District of California against OSI Systems Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between January 24, 2012 and December 6, 2013.
According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired OSI Systems Inc (NASDAQ: OSIS) between January 24, 2012 and December 6, 2013, that OSI Systems Inc and certain of its officers and directors violated the Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
More specifically, the plaintiff alleges that between January 24, 2012 and December 6, 2013 , defendants made allegedly false and/or misleading statements and/or allegedly failed to disclose that OSI Systems Inc manipulated operational test of its Advanced Imaging Technology by selectively picking the best sensors, causing the test not to be representative of the scanners already deployed at airports, that OSI Systems Inc's products raised strong privacy concerns and were subject to disqualification for use in airport security checkpoints, that OSI Systems Inc manufactured its products with parts that directly violated contracts with the U.S. Transportation Security Administration (TSA), thereby risking cancellation of the contracts, and that as a result of the above, the Company's financial statements were materially false and misleading at all relevant times.
On November 14, 2012, after the market closed, various news sources reported that a key congressman disclosed OSI Systems Inc may have committed fraud by knowingly manipulating the results of an operational test in connection with OSI Systems Inc's Advanced Imaging Technology ( AIT ), otherwise commonly known as body scanners.
On January 22, 2013, the TSA reported that it had ended its contract with OSI Systems Inc, and that OSI Systems Inc would have to bear the costs of removing all Rapiscan full body scanners from airports, because TSA administrators concluded OSI Systems Inc could not meet a congressional deadline to produce generic passenger images.
On December 9, 2013, OSI Systems Inc announced that its security division, Rapiscan Systems, provided an update on the delivery order recently terminated by the TSA. Shares of OSI Systems Inc (NASDAQ: OSIS) declined from $77.29 per share on November 29, 2013, to $40.17 per share on December 9, 2013.
On December 13, 2013, OSI Systems Inc (NASDAQ: OSIS) shares closed at $52.08 per share.