According to the Complaint, OSI purportedly designs and manufactures specialized electronic systems and components. The Company claims that it sells its products and provides related services in diversified markets, including homeland security, healthcare, defense, and aerospace.

The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, the Complaint alleges that Defendants failed to disclose: (1) that OSI acquired an Albania concession through bribery or other illicit means; (2) that OSI transferred 49% of its project company associated with the Albania concession, S2 Albania SHPK, an entity purportedly worth millions, for consideration of less than $5.00; (3) that OSI engaged in other illegal acts, including improper sales and cash payments to government officials; (4) that these practices caused the Company to be vulnerable to potential civil and criminal liability, and adverse regulatory action; and (5) that, as a result of the foregoing, Defendants’ statements about OSI’s business, operations, and prospects were materially false and/or misleading and/or lacked a reasonable basis.

On March 1, 2018, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel. All future docketing was ordered to be done in the lead case 17-CV-08841.

Lead Plaintiff filed a consolidated Complaint on May 4, 2018. On July 3, Defendants filed a Motion to Dismiss the consolidated Complaint. On May 7, 2019, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiffs were given leave to amend the Complaint.

Plaintiffs amended the Complaint on June 13, 2019. Defendants filed a Motion to Dismiss the amended Complaint on July 24. On March 11, 2020, the Court issued an Order denying Defendants' Motion to Dismiss. Defendants filed another Motion to Dismiss the amended Complaint on March 26. On March 31, 2021, the Court issued an Order denying Defendants' Motion to Dismiss.

On September 7, 2021, the parties notified the Court that they had reached an agreement in principle to settle the case. On October 22, the parties entered into a Stipulation and Agreement of Settlement. The Court granted preliminary approval of the Settlement on December 30. On August 31, 2022, the Court granted final approval of the Settlement, including an award of Attorneys’ Fees and Expenses, and entered Final Judgment.

On November 1, 2024, the Court issued an Order approving distribution of the Settlement funds.