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  • perajacobsen perajacobsen May 8, 2013 10:58 AM Flag

    Second actual suit filed


    Finally, +15 days after the first suit was filed, another firm has located a client and filed suit. This, of course, constitutes not only an escalation in the matter for Unitek Global, but, also, an escalation in the battle to be lead plaintiff and lead counsel.

    As you may recall, the first plaintiff had recorded one purchase of 500 shares on April 1st, 2013, at a per share price of $2.95, implying a loss of $850 (unrealized, perhaps.)

    The new plaintiff, a Robert Harvey, in his certification, has attested to having bought 1202 shares at a price ranging widely, and, at $1.25, appears to have suffered a $2,867, or so, unrealized loss (the certification does not contain any sales.)

    So, in both number of shares and loss, the new plaintiff beats the first plaintiff (and in filing fees, I might add, with the new suit's filing fee being $400,) which I guess is important in the inter-legal squabble for fees. Both, however, are a far cry away from the $50,000 target floor set in the ongoing pursuit of client, and, of course, both tentative losses are remarkably out of line with the cost that it it going to take to make the suits go away and the potential damage that they inflict on the capitalization of the company.

    And so it rolls on...



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