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In many cases, the end of the year gives you time to step back and take stock of the last 12 months. This is when many of us take a hard look at what worked and what did not, complete performance reviews, and formulate plans for the coming year. For me, it is all of those things plus a time when I u...
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Block & Leviton LLP Investigates OSI Systems, Inc. and Certain of Its Officers and Directors for Possible Violations of the Federal Securities Laws

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.

Contact:
BLOCK & LEVITON LLP
Steven P. Harte, Esq.
(617) 398-5600
Steven@blockesq.com

SOURCE Block & Leviton LLP

About PR Newswire
Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

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