NEW YORK–(BUSINESS WIRE)–Faruqi & Faruqi, LLP, a leading national securities law firm, reminds
investors in Mobile TeleSystems PJSC (“Mobile TeleSystems” or the
“Company”)(NYSE:MBT) of the May 20, 2019 deadline to seek the role of
lead plaintiff in a federal securities class action that has been filed
against the Company.
If you invested in Mobile TeleSystems stock or options between March
19, 2014 and March 7, 2019 and would like to discuss your legal
rights, click here: www.faruqilaw.com/MBT.
There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292
or at 212-983-9330 or by sending an e-mail to [email protected].
The lawsuit has been filed in the U.S. District Court for the Eastern
District of New York on behalf of all those who purchased Mobile
TeleSystems securities between March 19, 2014 and March 7, 2019 (the
“Class Period”). The case, Salim v. Mobile TeleSystems PJSC
et al., No. 19-cv-01589 was filed on March 19, 2019 and has been
assigned to Judge Ann M. Donnelly.
The lawsuit focuses on whether the Company and its executives violated
federal securities laws by failing to disclose that: (1) Mobile
TeleSystems and its subsidiary were involved in a scheme to pay $420
million in bribes in Uzbekistan; (2) consequently, Mobile TeleSystems
knew or should have known it would be forced to pay substantial fines to
the U.S. government after disclosing in 2014 that the U.S. Department of
Justice and Securities and Exchange Commission were investigating its
Uzbekistan operations; (3) Mobile TeleSystems’ level of cooperation with
the U.S. government and remediation was lacking; and (4) due to the
aforementioned misconduct, Mobile TeleSystems would be forced to pay
approximately $850 million in criminal penalties to the U.S. government.
On November 20, 2018, the Company disclosed that it had reserved
approximately $840 million USD (RUB 55.8 bln) as the potential liability
concerning investigations by the SEC and the DOJ into its former
operations in Uzbekistan.
On this news, Mobile TeleSystems’s share price fell from $8.09 per share
on November 19, 2018 to a closing price of $7.45 on November 20, 2018: a
$0.64 or a 7.91% drop.
On March 7, 2019, the DOJ reported that the Company and its subsidiary
entered into an agreement to pay $850 million in penalties to the United
States to resolve charges arising from its role in a scheme to pay $420
million in bribes in Uzbekistan.
On this news, Mobile TeleSystems’s share price fell from $7.78 per share
on March 6, 2019 to a closing price of $7.54 on March 7, 2019: a $0.24
or a 3.08% drop.
The court-appointed lead plaintiff is the investor with the largest
financial interest in the relief sought by the class who is adequate and
typical of class members who directs and oversees the litigation on
behalf of the putative class. Any member of the putative class may move
the Court to serve as lead plaintiff through counsel of their choice, or
may choose to do nothing and remain an absent class member. Your ability
to share in any recovery is not affected by the decision to serve as a
lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding
Mobile TeleSystems’s conduct to contact the firm, including
whistleblowers, former employees, shareholders and others.
Attorney Advertising. The law firm responsible for this advertisement is
Faruqi & Faruqi, LLP (www.faruqilaw.com).
Prior results do not guarantee or predict a similar outcome with respect
to any future matter. We welcome the opportunity to discuss your
particular case. All communications will be treated in a confidential
manner.
Contacts
FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New
York, NY 10017
Attn: Richard Gonnello, Esq.
[email protected]
Telephone:
(877) 247-4292 or (212) 983-9330
