Rosen Law Firm, a global investor rights law firm, announces it is investigating potential securities claims on behalf of investors of Mobile TeleSystems PJSC (NYSE: MBT) resulting from allegations that Mobile TeleSystems may have issued materially misleading business information to the investing public.
On November 20, 2018, Mobile TeleSystems disclosed that it had reserved approximately $840 million (RUB 55.8) as the potential liability for investigations by the U.S. Securities and Exchange Commission (SEC) and the U.S. Department of Justice (DOJ) into the companys former operations in Uzbekistan. On this news, shares of Mobile TeleSystems fell $0.64 per share or nearly 8% to close at $7.45 per share on November 20, 2018.
Then, on March 7, 2019, the DOJ announced that Mobile TeleSystems and its wholly owned subsidiary agreed to pay $850 million in penalties to the United States to resolve charges arising out of its role in a scheme to pay $420 million in bribes in Uzbekistan. The bribes were to enable the company to enter the Uzbek market and gain valuable telecom assets. On this news, shares of Mobile TeleSystems fell $0.24 per share or over 3% to close at $7.54 per share on March 7, 2019.
Rosen Law Firm is preparing a class action lawsuit to recover losses suffered by Mobile TeleSystems investors. If you purchased shares of Mobile TeleSystems, please visit the firms website at https://www.rosenlegal.com/cases-1531.html to join the class action. You may also contact Phillip Kim or Zachary Halper of Rosen Law Firm toll free at 866-767-3653 or via email at [email protected] or [email protected].
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Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013.
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Laurence Rosen, Esq.
Phillip Kim, Esq.
Zachary Halper, Esq.
Rosen Law Firm, P.A.
275 Madison Avenue, 34th Floor
York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653