Mobile TeleSystems (NYSE: MBT) Investor Securities Class Action Lawsuit 03/19/2019

If you purchased shares of Mobile TeleSystems (NYSE: MBT), you have certain options and for certain investors are short and strict deadlines running. Deadline: May 20, 2019. NYSE: MBT investors should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
Mobile TeleSystems
Case Name: 
Mobile TeleSystems Shareholder Class Action Lawsuit 03/19/2019
Case Status: 
Lawsuit Filed
Affected Securities
NYSE: MBT
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
03/19/2019
Class Period Begin: 
03/19/2014
Class Period End: 
03/07/2019
Court of Filing: 
U.S. District Court for the Eastern District of New York
Deadline To File for Lead: 
05/20/2019
Summary: 

An investor in shares of Mobile TeleSystems (NYSE: MBT) filed a lawsuit in the U.S. District Court for the Eastern District of New York over alleged violations of Federal Securities Laws by Mobile TeleSystems in connection with certain allegedly false and misleading statements made between March 19, 2014 and March 7, 2019.

Russia based Public Joint-Stock Company Mobile TeleSystems provides telecommunication services in Russia, Ukraine, Turkmenistan, and Armenia. It operates through three segments: Russia Convergent, Moscow Fixed Line, and Ukraine. Public Joint-Stock Company Mobile TeleSystems reported that its annual Total Revenue rose from over 435.69 billion RUB in 2016 to over 442.91 billion RUB in 2017 and that its Net Income increased from 48.47 billion RUB in 2016 to 56.04 billio RUB in 2017.

Shares of Public Joint-Stock Company Mobile TeleSystems (NYSE: MBT) reached as high as $12.80 per share in February 2018.

The DOJ announced on March 7, 2019, that Mobile TeleSystems and its wholly-owned subsidiary agreed to pay $850 million in penalties to resolve charges in a $420 million bribery scheme in Uzbekistan. The bribes were to facilitate the Company’s entrance to the Uzbekistan market and gain various telecom assets.

Shares of Public Joint-Stock Company Mobile TeleSystems (NYSE: MBT) closed on March 7, 2019 at $7.54 per share.

According to the complaint the plaintiff alleges on behalf of purchasers of Mobile TeleSystems (NYSE: MBT) common shares between March 19, 2014 and March 7, 2019, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between March 19, 2014 and March 7, 2019, the defendants made false and/or misleading statements and/or failed to disclose that Mobile TeleSystems and its subsidiary were involved in a scheme to pay $420 million in bribes in Uzbekistan, that 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, that Mobile TeleSystems’ level of cooperation with the U.S. government and remediation was lacking, that due to the aforementioned misconduct, Mobile TeleSystems would be forced to pay approximately $850 million in criminal penalties to the U.S. government, and that as a result, defendants’ public statements were materially false and/or misleading at all relevant times.