From the Wires
Block & Leviton LLP Investigates OSI Systems, Inc. and Certain of Its Officers and Directors for Possible Violations of the Federal Securities Laws
By: PR Newswire
Nov. 16, 2012 06:44 PM
BOSTON, Nov. 16, 2012 /PRNewswire/ -- Block & Leviton LLP (www.blockesq.com), a Boston-based law firm representing investors nationwide, is investigating possible securities law violations involving OSI Systems, Inc. ("OSI" or the "Company") (NASDAQ: OSIS) following the Company's disclosure of a Transportation Security Administration ("TSA") investigation into whether test results from the Company's Rapiscan software, the integral software used in OSI's backscatter full body airport scanners, were falsified.
On November 15, 2012, the market received information that Congressman Mike Rogers, the chairman of the House Transportation Security Subcommittee, wrote in a November 13 letter to TSA Administrator John Pistol, that his panel had received a tip indicating that OSI had falsified certain tests. If true, OSI could be hit with significant fines, prison terms and a ban on receiving government contracts in the future.
News of the TSA investigation shocked the market and the Company's stock price fell by more than 28% - dropping $21.40 to close at $54.89 per share on November 15, 2012. This represented OSI stock's biggest one day drop since October 1997 and was the NASDAQ's single largest percentage drop of the day. Almost 4.9 million shares changed hands, 44 times the three-month daily average.
Block & Leviton's investigation seeks to determine, among other things, whether OSI or its officers and directors have violated the federal securities laws. If you have any information relevant to this investigation, or have questions about your legal rights, please contact attorney Steven P. Harte of Block & Leviton LLP at (617) 398-5600 or email him at Steven@blockesq.com.
Block & Leviton is a Boston-based law firm representing investors for violations of securities laws. The firm's lawyers have collectively been prosecuting securities cases on behalf of investors for over 50 years.
This notice may constitute attorney advertising.
SOURCE Block & Leviton LLP
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