Boston, MA 09/09/2014 (wallstreetpr) – Image Sensing Systems, Inc. (NASDAQ:ISNS) can heave a sigh of relief after it was cleared of foreign corruption allegations by the Department of Justice according to MarketWatch. The Department of justice is reported to have been satisfied by the company’s level of voluntarily disclosure, as well as cooperation throughout the entire period of the investigation.
Stock Plummets
Image Sensing Systems, Inc. (NASDAQ:ISNS)’s stock did not respond positively to the news. Instead, it sunk in Monday trading session, going down by 4.47% to close the day at a low of $6.41. Image Sensing Systems had earlier been’ cleared by the Securities and Commission exchange which consequently stated it was not planning to pursue any further investigations.
The investigations had started in early 2013 after polish authorities started an enquiry on possible violations of the countries laws by two of the company’s subsidiary employees. The employees are reported to have been’ charged with criminal violations. Prompted by the allegations, Image Sensing Systems, Inc. (NASDAQ:ISNS) also formed its independent committee that investigated the matter and disclosed all the details of the findings to the satisfaction of the DOJ and SEC.
Image Sensing Systems Partners with NuPark
The settlement of the matter paves a new lease of life for Image Sensing Systems, Inc. (NASDAQ:ISNS) in the U.S. Had it been’ found liable of any wrong doing the company would have been’ handed a severe punishment and maybe a hefty fine. During the investigations, the company sought legal counsel from Denton’s Warsaw as well as Greene Espel P.L.L, P
Separately Image Sensing Systems, Inc. (NASDAQ:ISNS) has announced it has partnered with NuPark LLC. The agreement is expected to expedite the leveraging of Image Sensing System’s license plate recognition technology and also pay closer watch on NuPark’s robust modern platform and ISS technology.
