NEW YORK, NY / ACCESSWIRE / May 16, 2019 / Pomerantz LLP is investigating claims on behalf of investors of Mobile TeleSystems Public Joint Stock Company ("Mobile TeleSystems" or the "Company") (NYSE: MBT). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 9980.
The investigation concerns whether Mobile TeleSystems and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On November 20, 2018, Mobile TeleSystems disclosed that it had reserved approximately $840 million to cover potential liability concerning investigations by the U.S. Securities and Exchange Commission ("SEC") and Department of Justice ("DOJ") into the Company's former operations in Uzbekistan.
On this news, Mobile TeleSystems' American depositary receipt ("ADR") price fell $0.64 per share, or nearly 8%, to close at $7.45 per share on November 20, 2018.
Then, on March 7, 2019, the DOJ announced that Mobile TeleSystems and its subsidiary had entered into an agreement with the DOJ and SEC to pay a combined $850 million in penalties to resolve charges arising from its role in a scheme to pay $420 million in bribes in Uzbekistan.
Following this announcement, Mobile TeleSystems' ADR price fell $0.24 per share, or 3.08%, to close at $7.54 per share on March 7, 2019, damaging investors.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
SOURCE: Pomerantz LLP