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OSIS OSI Systems Inc

146.47
0.52 (0.36%)
Last Updated: 14:47:35
Delayed by 15 minutes
Share Name Share Symbol Market Type
OSI Systems Inc NASDAQ:OSIS NASDAQ Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.52 0.36% 146.47 146.58 147.48 147.43 141.57 141.70 14,770 14:47:35

OSIS SHAREHOLDER ALERT: The Law Firm of Wohl & Fruchter LLP Announces Investigation of OSI Systems, Inc.

10/12/2013 2:30pm

Business Wire


OSI Systems (NASDAQ:OSIS)
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The law firm of Wohl & Fruchter LLP is investigating possible violations of federal securities laws by officers and directors of OSI Systems, Inc. (OSI) (NASDAQ:OSIS).

On December 5, 2013, OSI announced that its security division subsidiary, Rapiscan Systems, Inc. (Rapiscan), was notified by the U.S. Transportation Security Administration (TSA) that an order placed with Rapiscan on September 26, 2013 for Advanced Technology X-Ray (AT-2) detection systems was being terminated for default. As a result, OSI de-booked this order, which had a value of approximately $60 million.

According to Bloomberg News, in a letter dated December 6, 2013, Representatives Michael McCaul, a Texas Republican, and Bennie Thompson, a Mississippi Democrat, stated that the TSA has resumed an effort to bar OSI’s Rapiscan Systems units from future contracts.

On December 9, 2013, OSI stated that it believes that the TSA’s termination of the AT-2 order resulted from Rapiscan's use of a component manufactured in China without the TSA's prior approval, as required under OSI’s contract with TSA. According to Bloomberg News, lawmakers are concerned about whether the unapproved component made the Rapiscan machines vulnerable to sabotage or espionage, and the House Homeland Security Committee, as part of a Congressional investigation, has asked the TSA for documents relating to communications between OSI and the federal government.

Upon the above news, OSIS shares have declined nearly 34% in trading over the last two trading sessions.

Persons with relevant information, and OSIS shareholders with questions about this investigation, are invited to contact the attorney below, or our Firm by calling 866.833.6245.

Additional information is available on our website at: http://www.wohlfruchter.com/cases/osis.

About Wohl & Fruchter

Wohl & Fruchter LLP represents plaintiffs in litigation arising from fraud and other fiduciary breaches by corporate managers, as well as other complex litigation matters. Please visit our website, www.wohlfruchter.com, to learn more about our Firm, or contact one of our partners.

This release may be deemed to constitute attorney advertising.

Wohl & Fruchter LLPJ. Elazar Fruchter, 845.425.4658Toll Free 866.833.6245jfruchter@wohlfruchter.comwww.wohlfruchter.com

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