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Mobile TeleSystems Public Joint Stock Company

Company NameMobile TeleSystems Public Joint Stock Company
Stock SymbolMBT

On November 20, 2018, Mobile TeleSystems disclosed that it had reserved approximately $840 million to cover potential liability concerning investigations by the U.S. Securities and Exchange Commission (“SEC”) and Department of Justice (“DOJ”) into the Company's former operations in Uzbekistan.

 

Then, on March 7, 2019, the DOJ announced that Mobile TeleSystems and its subsidiary had entered into an agreement with the DOJ and SEC to pay a combined $850 million in penalties to resolve charges arising from its role in a scheme to pay $420 million in bribes in Uzbekistan.

 

On this news, shares of Mobile TeleSystems fell $0.24, or 3.08%, to close at $7.54 per share on March 7, 2019, thereby injuring investors.

 

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