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 [email protected] 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.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Eitan Kimelman, 212-697-6484
SOURCE Bronstein, Gewirtz & Grossman, LLC