Bernstein Litowitz Berger & Grossmann LLP Announces Proposed Settlement in the Roberti v. OSI Systems, Inc., et al., Securities Litigation

SAN DIEGO, Sept. 24, 2015 /PRNewswire/ --

UNITED STATES DISTRICT COURT
CENTRAL DISTRICT OF CALIFORNIA
WESTERN DIVISION

SUMMARY NOTICE OF (I) PENDENCY OF CLASS ACTION,  CERTIFICATION OF SETTLEMENT CLASS, AND PROPOSED SETTLEMENT; (II) SETTLEMENT FAIRNESS HEARING; AND (III) MOTION FOR AN AWARD OF ATTORNEYS' FEES AND REIMBURSEMENT OF LITIGATION EXPENSES

TO:       All persons and entities that purchased or otherwise acquired the common stock of OSI Systems, Inc. ("OSI") between January 24, 2012, and December 6, 2013, inclusive, and were damaged thereby (the "Settlement Class"):

PLEASE READ THIS NOTICE CAREFULLY, YOUR RIGHTS WILL BE AFFECTED BY A CLASS ACTION LAWSUIT PENDING IN THIS COURT.

YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the Central District of California, that the above-captioned litigation (the "Action") has been certified as a class action on behalf of the Settlement Class, except for certain persons and entities that are excluded from the Settlement Class by definition as set forth in the full printed Notice of (I) Pendency of Class Action, Certification of Settlement Class, and Proposed Settlement; (II) Settlement Fairness Hearing; and (III) Motion for an Award of Attorneys' Fees and Reimbursement of Litigation Expenses (the "Notice").

YOU ARE ALSO NOTIFIED that Lead Plaintiff in the Action has reached a proposed settlement of the Action for $15,000,000.00 in cash (the "Settlement"), that, if approved, will resolve all claims in the Action and grant the releases specified and described in the Notice.

A hearing will be held on December 7, 2015 at 10:00 a.m., before the Honorable Michael W. Fitzgerald at the United States District Court, Central District of California, United States Courthouse, Courtroom No. 1600, 312 North Spring Street, Los Angeles, CA 90012-4701, for the following purposes:  (a) to determine whether the proposed Settlement should be approved as fair, reasonable, and adequate; (ii) to determine whether the Judgment substantially in the form proposed by the Parties should be entered dismissing the Action with prejudice against the Defendants; (iii) to determine whether the proposed Plan of Allocation should be approved as fair and reasonable; and (iv) to determine whether the application for an award of attorneys' fees and reimbursement of Litigation Expenses to be filed by Lead Counsel Bernstein Litowitz Berger & Grossmann LLP should be approved.  The Court may change the date of the settlement hearing without providing another notice.  You do not need to attend the settlement hearing in order to be potentially eligible to receive a distribution from the Settlement Fund.

If you are a member of the Settlement Class, your rights will be affected by the pending Action and the Settlement, and you may be entitled to share in the Settlement Fund.  If you have not yet received the Notice and the Proof of Claim Form, you may obtain copies of these documents by contacting the Claims Administrator at OSI Securities Settlement, c/o A.B. Data, Ltd., P.O. Box 170500, Milwaukee, WI 53217-8091, (800) 332-6198, email:  [email protected].  Copies of the Notice and Proof of Claim Form can also be downloaded from the website maintained by the Claims Administrator, at www.OSISecuritiesSettlement.com. 

If you are a member of the Settlement Class, in order to be potentially eligible to receive a payment under the proposed Settlement, you must submit a Proof of Claim Form postmarked no later than January 15, 2016.  If you are a Settlement Class Member and do not submit a proper Proof of Claim Form, you will not be eligible to share in the distribution of the net proceeds of the Settlement but you will nevertheless be bound by any judgments or orders entered by the Court in the Action with respect to the Settlement.

If you are a member of the Settlement Class and wish to exclude yourself from the Settlement Class, you must submit a request for exclusion such that it is received no later than November 16, 2015, in accordance with the instructions set forth in the Notice.  If you properly exclude yourself from the Settlement Class, you will not be bound by any judgments or orders entered by the Court in the Action with respect to the Settlement and you will not be eligible to share in the proceeds of the Settlement.  If you do not exclude yourself from the Settlement Class, you will be bound by any judgments or orders entered by the Court in the Action with respect to the Settlement.

Any objections to the proposed Settlement, the proposed Plan of Allocation, or Lead Counsel's motion for attorneys' fees and reimbursement of Litigation Expenses, must be filed with the Court and delivered to Lead Counsel and Defendants' Counsel such that they are received no later than November 16, 2015, in accordance with the instructions set forth in the Notice.

Please do not contact the Court, the Clerk's office, OSI, or its counsel regarding this notice.  All questions about this notice, the proposed Settlement, or your eligibility to participate in the Settlement should be directed to Lead Counsel or the Claims Administrator.

SOURCE Bernstein Litowitz Berger & Grossmann LLP

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