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Salim v. Mobile Telesystems PJSC

Actionable Misstatements Not Alleged, Scienter Inadequately Pleaded in Suit Over Bribery

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MEMORANDUM DECISION AND ORDER Before the Court is Mobile Telesystems PJSC’s (“MTS”) motion to dismiss the Second Amended Complaint (“SAC”). For the reasons that follow, the motion is granted.1 On March 19, 2019, the plaintiff brought this class action on behalf of himself and all others similarly situated against MTS and three executives — Andrei Dubovskov, Alexey Kornya, and Andrey Kamensky.2 (ECF No. 1.) On April 6, 2020 the plaintiff filed the SAC.3 (ECF No. 31.) From 2004 through 2012, MTS paid bribes to an Uzbek government official in order to secure operating licenses in the Uzbek telecommunications market. In the SAC, the plaintiffs allege that between 2014 and 2019 (the “Class Period”), MTS issued false and misleading statements about the company’s potential liability for the bribery scheme, the effectiveness of the company’s internal controls and compliance structure, and the company’s cooperation with U.S. investigators. (ECF No. 31

3-9.) According to the SAC, the defendants’ misstatements and omissions artificially inflated MTS’s stock price, causing the plaintiffs to suffer a loss after the company entered into a Deferred Prosecution Agreement (“DPA”) with the Department of Justice (“DOJ”) in 2019. (Id. at

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