Bronstein, Gewirtz & Grossman, LLC Announces Investigation of
OSI Systems, Inc.
NEW YORK, Nov. 15, 2012 /PRNewswire/ -- Bronstein,
Gewirtz & Grossman, LLC is investigating potential claims on
behalf of purchasers of the securities of OSI Systems, Inc. ("OSI
Systems" or the "Company") (NASDAQGS: OSIS). The
investigation focuses on whether the Company and its executives
violated federal securities laws.
On November 15, 2012 shares of OSI
Systems plummeted over $21.40 or 28%
to close at $54.89 after a U.S.
Lawmaker said the company "may have falsified tests of software
intended to stop the machines from recording graphic images of
travelers." On November 9th OSI
Systems said it received the show-cause letter from the U.S.
Transportation Security Administration (TSA). The letter
pertained to a privacy system Rapiscan was developing under
contract for the TSA. The letter alleges that Rapiscan did
not disclose issues related to the development process in a timely
or complete manner. Then according to one report a
November 13 letter to Transportation
Security Administration head John Pistol from Republican
Congressman Mike Rogers, the
chairman of the House Transportation Security Subcommittee, wrote
that his panel had received a tip indicating that OSI Systems had
faked a test. Bloomberg quoted Dan
Gordon, a former head of federal procurement, as
saying OSI's Rapiscan unit could be hit with fines, prison
terms and a ban on receiving government contracts in the future if
the allegation is proven.
If you are aware of any facts relating to this investigation, or
purchased shares of OSI Systems, you can assist this investigation
by contacting either Peretz
Bronstein or Eitan Kimelman
of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via
email eitan@bgandg.com. Those who inquire by e-mail are encouraged
to include their mailing address and telephone number.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation
boutique. Our primary expertise is the aggressive pursuit of
litigation claims on behalf of our clients. In addition to
representing institutions and other investor plaintiffs in class
action security litigation, the firm's expertise includes general
corporate and commercial litigation, as well as securities
arbitration.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Eitan Kimelman, 212-697-6484
eitan@bgandg.com
SOURCE Bronstein, Gewirtz & Grossman, LLC