Glancy Binkow & Goldberg LLP, representing investors of OSI Systems, Inc. (“OSI” or the “Company”) (NASDAQ:OSIS), has filed a class action lawsuit in the United States District Court for the Central District of California on behalf of a class (the “Class”) comprising all purchasers of OSI securities between January 24, 2012 and December 6, 2013, inclusive (the “Class Period”). A COPY OF THE COMPLAINT IS AVAILABLE FROM THE COURT OR FROM GLANCY BINKOW & GOLDBERG LLP. PLEASE CONTACT US TOLL-FREE AT (888) 773-9224, OR AT (212) 682-5340, OR BY EMAIL TO SHAREHOLDERS@GLANCYLAW.COM TO DISCUSS THIS MATTER. IF YOU INQUIRE BY EMAIL PLEASE INCLUDE YOUR MAILING ADDRESS, TELEPHONE NUMBER AND NUMBER OF SHARES PURCHASED. OSI designs and manufactures electronic systems and components for homeland security, healthcare, defense and aerospace markets. One of the Company’s largest customers is the United States Department of Homeland Security and the Transportation Security Administration (TSA). The Complaint alleges that the defendants made false and/or misleading statements and failed to disclose material adverse facts about the Company's business, operations and compliance policies. Specifically, defendants misrepresented or failed to disclose that:
- The Company manipulated an operational test of its Advanced Imaging Technology, causing the test not to be representative of the scanners already deployed at airports.
- The Company’s products raised strong privacy concerns and were subject to disqualification for use in airport security checkpoints.
- The Company manufactured its products with parts that directly violated contracts with the TSA, thereby risking cancellation of the contracts.