TMCnet News
GPM Announces Investigation of VimpelCom Ltd.Glancy Prongay & Murray LLP ("GPM") announces that it is investigating potential claims on behalf of investors of VimpelCom Ltd. ("VimpelCom" or the "Company") (NASDAQ:VIP) securities. The investigation focuses on the Company's and its officers' possible violations of federal securities laws. On March 12, 2014, the Company disclosed that it was facing investigations by both the SEC (News - Alert) and Dutch authorities related to its operations in Uzbekistan. Then, on March 18, 2014, the Company announced that the U.S. Department of Justice had started an investigation into VimpelCom's operations in Uzbekistan. And, in August 2015, U.S. authorities allegedly requested that roughly $1 billion in VimpelCom assets be seized in a wide-ranging criminal probe of alleged corruption by the Company and two other companies, Mobile TeleSystems PJSC and TeliaSonera (News - Alert) AB, for paying hundreds of millions of dollars in bribes to secure wireless spectrum in Uzbekistan. Finally, on November 3, 2015, the Company announced that it had set aside $900 million in litigation coss to deal with the U.S. and European investigations into its Uzbekistan operations. VimpelCom investors have suffered greatly by the sharp decline in the Company's share price following these various disclosures. On November 25, 2015, news reports disclosed that the Company was in discussions to settle, for $775 million, U.S. allegations it paid bribes in Uzbekistan to win business. VimpelCom set aside $900 million earlier this month for potential liabilities stemming from Dutch and U.S. investigations. On this news shares of VimpelCom fell sharply in value, thereby further injuring investors. If you purchased or otherwise acquired VimpelCom securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at http://www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased. 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/20151207005983/en/ |
