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Law Firm Files Securities Class Action Lawsuit against MBT

Saturday 6 April 2019

NEW YORK (PRNewswire) — Rosen Law Firm, a global investor rights law firm, announces it has filed a class action lawsuit on behalf of purchasers of the securities of Mobile TeleSystems PJSC (NYSE: MBT) from March 19, 2014 through March 7, 2019, inclusive (the “Class Period”). The lawsuit seeks to recover damages for Mobile TeleSystems investors under the federal securities laws.

According to the lawsuit, defendants made false and/or misleading statements and/or failed to disclose that:

  1. Mobile TeleSystems and its subsidiary were involved in a scheme to pay $420 mln in bribes in Uzbekistan;
  2. 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;
  3. Mobile TeleSystems’ level of cooperation with the U.S. government and remediation was lacking;
  4. Due to the aforementioned misconduct, Mobile TeleSystems would be forced to pay approximately $850 mln in criminal penalties to the U.S. government;
  5. As a result, defendants’ public statements were materially false and/or misleading at all relevant times.

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