INVESTOR ALERT: Law Offices of Howard G. Smith Announces the Filing of a Securities Class Action on Behalf of Mobile TeleSystems Public Joint Stock Company Investors (MBT)
BENSALEM, Pa.--(BUSINESS WIRE)--Apr 2, 2019--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Mobile TeleSystems Public Joint Stock Company (“Mobile TeleSystems” or the “Company”) (NYSE: MBT ) securities between March 19, 2014 and March 7, 2019, inclusive (the “Class Period”). Mobile TeleSystems investors have until May 20, 2019 to file a lead plaintiff motion.
Investors suffering losses on their Mobile TeleSystems investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to firstname.lastname@example.org.
On November 20, 2018, Mobile TeleSystems disclosed that it had reserved approximately $840 million to cover potential liability concerning investigations by the U.S. Securities and Exchange Commission (“SEC”) and Department of Justice (“DOJ”) into the Company’s former operations in Uzbekistan.
Then, on March 7, 2019, the DOJ announced that Mobile TeleSystems and its subsidiary had entered into an agreement with the DOJ and SEC to pay a combined $850 million in penalties to resolve charges arising from its role in a scheme to pay $420 million in bribes in Uzbekistan.
On this news, shares of Mobile TeleSystems fell $0.24, or 3.08%, to close at $7.54 per share on March 7, 2019, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed 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.
If you purchased shares of Mobile TeleSystems, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to email@example.com, or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com:https://www.businesswire.com/news/home/20190402006004/en/
CONTACT: Law Offices of Howard G. Smith
Howard G. Smith, Esquire
KEYWORD: UNITED STATES NORTH AMERICA PENNSYLVANIA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES LEGAL
SOURCE: Law Offices of Howard G. Smith
Copyright Business Wire 2019.
PUB: 04/02/2019 02:45 PM/DISC: 04/02/2019 02:45 PM