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.
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