An investor in shares of VimpelCom Ltd (ADR) filed a lawsuit in the U.S. District Court for the Southern District of New York against VimpelCom Ltd over alleged violations of Federal Securities Laws.
Investors who purchased shares of VimpelCom Ltd (ADR) (NASDAQ:VIP) have certain options and for certain investors are short and strict deadlines running. Deadline: January 4, 2016. NASDAQ:VIP investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
The plaintiff claims that between June 30, 2011 and November 2, 2015 defendants made allegedly false and/or misleading statements and/or allegedly failed to disclose that VimpelCom had paid tens of millions of dollars to a company controlled by Gulnara Karimova (“Karimova”), daughter of the president of Uzbekistan, that the payments to Karimova were unlawful bribes intended to secure VimpelCom’s access to Uzbekistan’s telecommunications market, and that as a result of the foregoing, Defendants’ statements about VimpelCom’s business, operations, and prospects were false and misleading and/or lacked a reasonable basis.
On March 12, 2014, VimpelCom Ltd announced that it was facing investigations by both the SEC and Dutch authorities related to its operations in Uzbekistan.
On March 18, 2014, VimpelCom Ltd reported that itwas the focus of an investigation by the U.S. Department of Justice related to VimpelCom’s operations in Uzbekistan.
On June 29, 2015, the U.S. Department of Justice announced that it was joining a group of European nations in a telecom corruption probe involving VimpelCom Ltd and Mobile TeleSystems OJSC.
On August 13, 2015 it was reported that U.S. authorities had asked their European counterparts to seize roughly $1 billion in assets in a wide-ranging criminal probe of alleged corruption by VimpelCom and two other companies, Mobile TeleSystems PJSC (“MTS”) and TeliaSonera AB (“TeliaSonera”), for paying hundreds of millions of dollars to businesses controlled by Karimova to secure wireless spectrum in Uzbekistan.
On November 3, 2015, VimpelCom Ltd announced that it had set aside $900 million for litigation costs in connection with U.S. and Dutch investigations into the Company’s operations in Uzbekistan.
On December 7, 2015, NASDAQ:VIP shares closed at $3.27 per share.
Those who purchased shares of VimpelCom Ltd (ADR) (NASDAQ:VIP) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com