SOURCE: Saxena White P.A.
BOCA RATON, FL--(Marketwired - Apr 19, 2013) - Saxena White P.A. has filed a securities fraud class action lawsuit in the United States District Court for the Eastern District of Pennsylvania against UniTek Global Services, Inc. ("UniTek" or the "Company") (NASDAQ: UNTK) and certain of the Company's executive officers. The class action is filed on behalf of investors who purchased or otherwise acquired UniTek's common stock during the period from May 18, 2011 through April 12, 2013, inclusive (the "Class Period"). The complaint brings claims for violations of the Securities Exchange Act of 1934.
UniTek provides engineering, construction management and installation fulfillment services to companies in the telecommunications, broadband cable and satellite industries. During the Class Period, UniTek made materially false and misleading statements and omissions regarding the Company's financial condition and prospects as well as its internal controls.
On Friday, April 12, 2013, after the close of the financial markets, UniTek announced that it would need to restate its previously-issued financial results dating back to 2011. Stunningly, the Company also admitted that several employees had engaged in fraudulent activities that resulted in improper revenue recognition. UnitTek further disclosed that the Chief Financial Officer and the Chief Accounting Officers, as well as several other employees, had been immediately terminated from their positions with the Company.
In reaction to these shocking revelations, UniTek's stock price plummeted 50% from a closing price of $3.01 per share on Friday April 12, 2013 to $1.52 per share on Monday April 15, 2013, wiping out half of the Company's market capitalization in a single day.
You may obtain a copy of the complaint and join the class action at www.saxenawhite.com. If you purchased UniTek stock between May 18, 2011 and April 12, 2013, inclusive, you may contact Joe White (firstname.lastname@example.org) or Marc Grobler (email@example.com) at Saxena White P.A. to discuss your rights and interests.
If you purchased UniTek common stock during the Class Period of May 18, 2011 through April 12, 2013, and wish to apply to be the lead plaintiff in this action, a motion on your behalf must be filed with the Court no later than June 18, 2013. You may contact Saxena White P.A. to discuss your rights regarding the appointment of lead plaintiff and your interest in the class action. Please note that you may also retain counsel of your choice and need not take any action at this time to be a class member.
Saxena White P.A., located in Boca Raton, specializes in prosecuting securities fraud and complex class actions on behalf of institutions and individuals. Currently serving as lead counsel in numerous securities fraud class actions nationwide, the firm has recovered hundreds of millions of dollars on behalf of injured investors and is active in major litigation pending in federal and state courts throughout the United States.