American Mobile Systems Sued Over Cash Transfers

American Mobile Systems Inc. said two shareholders filed a purported class-action lawsuit against the Woodland Hills company, alleging that American Mobile failed to adequately disclose $4.1 million in “unauthorized transfers” from company bank accounts.

The suit was filed by Frank and Kathleen Seidman in federal court in Philadelphia, according to an American Mobile filing with the Securities and Exchange Commission.

The company, which provides radio-dispatch and mobile-telephone services, announced the transfers last month and said the cash was moved to accounts of other businesses controlled by American Mobile President William J. Young. The company also suspended Young pending an investigation by its board.

American Mobile said it was reviewing the lawsuit but had no other comment.