Below is the first part of an article by buisnessnewswire from nasdaq.com. It reads…
NEW YORK, Dec. 16, 2013 (GLOBE NEWSWIRE) — Gainey McKenna & Egleston announces that a class action lawsuit has been filed in United States District Court for the Central District of California on behalf of all persons who purchased securities of OSI Systems, Inc. (“OSI” or the “Company”) (Nasdaq:OSIS) between January 24, 2012 and December 6, 2013, inclusive (the “Class Period”).
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, the Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company manipulated operational test of its Advanced Imaging Technology by selectively picking the best sensors, causing the test not to be representative of the scanners already deployed at airports; (ii) the Company’s products raised strong privacy concerns and were subject to disqualification for use in airport security checkpoints; (iii) the Company manufactured its products with parts that directly violated contracts with the TSA, thereby risking cancellation of the contracts; and, (iv) as a result of the above, the Company’s financial statements were materially false and misleading at all relevant times.
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