NEW YORK, May 4, 2013 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at UniTek Global Services, Inc. ("UniTek" or the "Company") (UNTK).
The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) the Company's financial statements did not provide a fair presentation of the Company's finances and operations; (2) Pinnacle Wireless, one of UniTek's subsidiaries, had engaged in fraudulent activities that resulted in improper revenue recognition; and (3) the Company's internal accounting controls were deficient and permitted the improper recognition of revenue.
On April 12, 2013, UniTek disclosed that it will restate its financial results for the interim periods ended March 2012, June 2012 and September 29, 2012, as well as for the fiscal year ended December 2011 and the interim period ended October 1, 2011. UniTek also announced that it had terminated Ronald Lejman, its CFO and Treasurer, Kevin McClelland, controller and chief accounting officer, and several other employees. On this shocking news, the Company's share price lost roughly half its value, falling from a close of $3.01 on April 12, 2013 to a close of $1.52 on April 15, 2013 on exceptionally high volume.
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If you invested in UniTek stock or options between May 18, 2011 and April 12, 2013 and would like to discuss your legal rights, visit www.faruqilaw.com/UNTK. You can also contact us by calling Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org or email@example.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding UniTek's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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FARUQI & FARUQI, LLP
369 Lexington Avenue, 10th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
Francis McConville, Esq.
Telephone: (877) 247-4292 or (212) 983-9330