[November 25, 2015] |
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VIMPELCOM INVESTORS ALERT: Lieff Cabraser Announces Securities Class Action Against VimpelCom, Ltd.
The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that class
action litigation has been brought on behalf of investors who purchased
or otherwise acquired the securities of VimpelCom, Ltd. ("VimpelCom"
or the "Company") (NASDAQ:VIP) between June 30, 2011 and November 2,
2015, inclusive (the "Class Period").
If you purchased or otherwise acquired the securities of VimpelCom
during the Class Period, you may move the Court for appointment as lead
plaintiff by no later than January 4, 2016. A lead plaintiff is a
representative party who acts on behalf of other class members in
directing the litigation. Your share of any recovery in the action will
not be affected by your decision of whether to seek appointment as lead
plaintiff. You may retain Lieff Cabraser, or other attorneys, as your
counsel in the action.
VimpelCom
investors who wish to learn more about the action and how to seek
appointment as lead plaintiff should click here or contact Sharon M.
Lee of Lieff Cabraser toll-free at 1-800-541-7358.
Background on the VimpelCom Securities Class
Litigation
VimpelCom provides telecommunications services undr various brand names
in Italy, Russia, Ukraine, Kazakhstan, Uzbekistan, Tajikistan, Armenia,
Georgia, Kyrgyzstan, Laos, Algeria, Bangladesh, and Pakistan.
The complaint alleges that throughout the Class Period, defendants made
materially false and/or misleading statements and/or failed to disclose
that: (i) VimpelCom had paid tens of millions of dollars to a company
controlled by Gulnara Karimova, daughter of the president of Uzbekistan;
(ii) the payments to Ms. Karimova were unlawful bribes intended to
secure VimpelCom's access to Uzbekistan's telecommunications market; and
(iii) 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 announced that it was facing investigations
by both the Securities and Exchange Commission and Dutch authorities
related to its operations in Uzbekistan. Then, on March 18, 2014,
VimpelCom reported that it was the focus of an investigation by the U.S.
Department of Justice related to the Company's operations in Uzbekistan.
On August 13, 2015, U.S. authorities reportedly 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 (News - Alert) PJSC and TeliaSonera AB, for paying
hundreds of millions of dollars to businesses controlled by Ms. Karimova
in order to secure wireless spectrum in Uzbekistan. On this news, the
price of VimpelCom's American Depositary Receipts ("ADRs") fell $0.13
per share, or 2.34% from a previous closing price of $5.56 per share on
August 13, 2015, to close at $5.43 per share on August 14, 2015.
On November 3, 2015, before the market opened, VimpelCom 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 this news, the price of VimpelCom's ADRs fell $0.17 per
share, or 4.63%, from a previous closing price of $3.67 per share on
November 2, 2015, to close at $3.50 per share on November 3, 2015.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco,
New York, Nashville, and Seattle, is a nationally recognized law firm
committed to advancing the rights of investors and promoting corporate
responsibility.
The National Law Journal has recognized Lieff Cabraser as one of
the nation's top plaintiffs' law firms for thirteen years. In compiling
the list, the National Law Journal examines recent verdicts and
settlements and looked for firms "representing the best qualities of the
plaintiffs' bar and that demonstrated unusual dedication and
creativity." Best Lawyers and U.S. News have named Lieff
Cabraser as a "Law Firm of the Year" for each year the publications have
given this award to law firms, including in 2016.
For more information about Lieff Cabraser and the firm's representation
of investors, please visit http://www.lieffcabraser.com.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151125005133/en/
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