Kessler Topaz Meltzer & Check, LLP Announces Pendency of Class Action and Proposed Settlement Involving Purchasers of OSI Systems, Inc. Securities

LOS ANGELES, Jan. 24, 2022 /PRNewswire/ —

UNITED STATES DISTRICT COURT
FOR THE CENTRAL DISTRICT OF CALIFORNIA
WESTERN DIVISION

SUMMARY NOTICE OF (I) PENDENCY OF CLASS ACTION AND PROPOSED SETTLEMENT;
(II) FINAL APPROVAL HEARING; AND
(III) MOTION FOR ATTORNEYS’ FEES AND LITIGATION EXPENSES

PLEASE READ THIS NOTICE CAREFULLY; YOUR RIGHTS
WILL BE AFFECTED BY A CLASS ACTION LAWSUIT
PENDING IN THIS COURT.

YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the Central District of California (“Court”), that the above-captioned action (“Action”) has been provisionally certified as a class action for purposes of settlement, except for certain persons and entities who are excluded from the Settlement Class by definition as set forth in the full printed Notice of (I) Pendency of Class Action and Proposed Settlement; (II) Final Approval Hearing; and (III) Motion for Attorneys’ Fees and Litigation Expenses (“Notice”).

YOU ARE ALSO NOTIFIED that Court-appointed Lead Plaintiff Arkansas Teacher Retirement System and Defendants OSI, Deepak Chopra, Alan Edrick, and Ajay Mehra have reached a proposed settlement of the Action on behalf of the Settlement Class for $12,500,000 in cash (“Settlement”). If approved by the Court, the Settlement will resolve all claims in the Action.

A hearing (“Final Approval Hearing”) will be held on May 12, 2022 at 10:00 a.m., before the Honorable Fernando M. Olguin, United States District Judge for the Central District of California, either in person at the United States Courthouse, 350 W. 1st Street, 6th Floor, Courtroom 6D, Los Angeles, CA 90012, or by video or telephonic conference as the Court may order, to determine, among other things: (i) whether, for purposes of settlement, the Action should be certified as a class action on behalf of the Settlement Class, Lead Plaintiff should be appointed as class representative for the Settlement Class, and Lead Counsel should be appointed as class counsel for the Settlement Class; (ii) whether the Settlement on the terms and conditions provided for in the Stipulation and Agreement of Settlement dated as of October 22, 2021 (“Stipulation”) is fair, reasonable, and adequate to the Settlement Class, and should be finally approved by the Court; (iii) whether the Action should be dismissed with prejudice against Defendants and the releases specified and described in the Stipulation (and in the Notice) should be granted; and (iv) whether Lead Counsel’s motion for an award of attorneys’ fees in an amount not to exceed 25% of the Settlement Fund and payment of expenses in an amount not to exceed $200,000 should be approved. Any updates regarding the Final Approval Hearing, including any changes to the date or time of the hearing or updates regarding in-person or remote appearances at the hearing, will be posted to the website for the Settlement, www.OSISystemsSecuritiesSettlement.com.

If you are a member of the Settlement Class, your rights will be affected by the pending Action and the Settlement, and you may be entitled to share in the Settlement proceeds. If you have not yet received the full printed Notice and Claim Form in the mail, you may obtain copies of these documents by: (i) contacting the Claims Administrator at Longo, et al. v. OSI Systems, Inc., et al., c/o A.B. Data, Ltd., P.O. Box 173136, Milwaukee, WI 53217, 1-877-999-1997, [email protected]; or (ii) downloading them from the website for the Settlement, www.OSISystemsSecuritiesSettlement.com, or from Lead Counsel’s website www.ktmc.com.

To be eligible to receive a payment from the Settlement, you must be a member of the Settlement Class and submit a Claim Form postmarked (if mailed), or online via www.OSISystemsSecuritiesSettlement.com, no later than May 11, 2022, in accordance with the instructions set forth in the Claim Form. If you are a Settlement Class Member and do not submit a proper Claim Form, you will not be eligible to share in the Settlement proceeds, but you will nevertheless be bound by any judgments or orders entered by the Court in the Action.

If you are a member of the Settlement Class and wish to exclude yourself from the Settlement Class, you must submit a request for exclusion such that it is received no later than March 28, 2022, in accordance with the instructions set forth in the Notice. If you properly exclude yourself from the Settlement Class, you will not be bound by any judgments or orders entered by the Court in the Action and you will not receive any benefits from the Settlement.

Any objections to the proposed Settlement, the proposed Plan of Allocation, and/or Lead Counsel’s motion for attorneys’ fees and expenses must be submitted to the Court. Objections must be received no later than March 28, 2022, in accordance with the instructions set forth in the Notice.

PLEASE DO NOT CONTACT THE COURT, THE CLERK’S OFFICE, DEFENDANTS, OR DEFENDANTS’ COUNSEL REGARDING THIS NOTICE. All questions about this notice, the Settlement, or your eligibility to participate in the Settlement should be directed to Lead Counsel or the Claims Administrator.

Requests for the Notice and Claim Form should be made to the Claims Administrator:

Longo, et al. v. OSI Systems, Inc., et al.
c/o A.B. Data, Ltd.
P.O. Box 173136
Milwaukee, WI 53217
1-877-999-1997
[email protected]
www.OSISystemsSecuritiesSettlement.com

SOURCE Kessler Topaz Meltzer & Check, LLP