NASDAQ:UNTK Investor Alert: Investigation of UniTek Global Services Inc. announced
The Shareholders Foundation announces that an investigation on behalf of investors in shares of UniTek Global Services Inc. (NASDAQ:UNTK) was launched concerning whether certain directors and officers of UniTek Global Services Inc. breached their fiduciary duties in connection certain statements made between May 18, 2011 through April 12, 2013.
Blue Bell, PA based UniTek Global Services, Inc. is a provider of permanently outsourced infrastructure services, offering a suite of technical services to the wireless and wireline telecommunications, satellite television and broadband cable industries in the U.S. and Canada.
Investors who purchased shares of UniTek Global Services Inc. (NASDAQ:UNTK) have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 – 1554.
The investigation by a law firm for investors in NASDAQ:UNTK stocks follows a lawsuit filed recently against UniTek Global Services over alleged securities laws violations.
The investigation on behalf of investors in UniTek Global Services Inc. (NASDAQ:UNTK) stocks concerns whether certain UniTek Global Services officers and directors are liable in connection with the allegations made in that lawsuit. According to that complaint filed in the U.S. District Court for the Eastern District of Pennsylvania the plaintiff alleges that UniTek Global Services Inc. violated the Securities Exchange Act of 1934 by issuing allegedly materially false and misleading statements and omissions regarding the Company’s financial condition and prospects as well as its internal controls.
On April 12, 2013, UniTek Global Services Inc. announced selected estimated preliminary 2012 Financial Results. Among, other things, UniTek Global Services Inc also announced that it will restate its financial results for the interim periods ended March 31, 2012, June 30, 2012and September 29, 2012, the fiscal year ended December 31, 2011 and the interim period ended October 1, 2011. UniTek Global Services Inc said that as a result of an ongoing internal investigation being conducted by the Audit Committee of the Company’s Board of Directors, with the assistance of outside independent counsel and a forensic accounting firm, it was determined that several employees of the Company’s Pinnacle Wireless subsidiary engaged in fraudulent activities that resulted in improper revenue recognition.
The company also announced that its Chief Financial Officer and Treasurer, the Controller and Chief Accounting Officer, as well as the President of the Pinnacle Wireless division, and several other employees of Pinnacle Wireless and an employee of the UniTek finance department have been terminated from their positions with the company.
Shares of UniTek Global Services Inc. declined from slightly over $3 per share on April 12, 2013 to as low as $0.95 per share on April 15, 2013.
On May 10, 2013, NASDAQ:UNTK shares closed at $1.16 per share, which is significantly below its current 52 week high of $4.33 per share.
Those who purchased shares of UniTek Global Services Inc. shares, have certain options and should contact the Shareholders Foundation.
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