OSI Systems Loses Bid to Toss Securities Suit Over Albanian Deal

OSI Systems Inc. lost its bid to dismiss a would-be securities class action after a federal court in California decided that plaintiffs sufficiently alleged that claims that it held a “100% market share” of Albania’s “turnkey” contracts to provide the government complete security screening checkpoint equipment and related services were at best misleading.

OSI’s claims that it had a 100% market share were misleading because it admitted that it had sold “for a mere $4.50" a 49% interest in its Albanian subsidiary, which owned the government contract, to a company owned by a local dentist, according to the ruling by ...