HOLLYWOOD, Fla.--(BUSINESS WIRE)--
Komlossy Law, P.A. advises shareholders of UniTek Global Services, Inc. (“UniTek” or the “Company”) (UNTK) that a complaint was filed in the United States District Court in the Eastern District of Pennsylvania on behalf of purchasers of UniTek common stock during the period between May 18, 2011 and April 12, 2013, inclusive (the “Class Period”). The complaint alleges that the defendants violated the Securities Exchange Act of 1934 by engaging in fraudulent activities, including the improper recognition of revenue.
If you are a UniTek shareholder who has suffered a net loss in common stock purchased during the Class Period, you may obtain additional information about the lawsuit and your rights to serve as a lead plaintiff by contacting Komlossy Law, P.A. at www.komlossylaw.com, by email at email@example.com or by calling (855) 858-1233.
As reported by UniTek on April 12, 2013, following an internal investigation conducted by the Audit Committee of the Company’s Board of Directors and its advisors, it was determined that several employees in UniTek’s Pinnacle Wireless subsidiary engaged in fraudulent activities that resulted in improper revenue recognition. As a result, the Company will restate its financial results for the interim periods ended March 31, 2012, June 30, 2012 and September 29, 2012, the fiscal year ended December 31, 2012 and the interim period ended October 1, 2011. The Company also announced that it had terminated its Chief Financial Officer and Treasurer, the Controller and Chief Accounting Officer as well as the President of Pinnacle Wireless and several other employees. On April 15, 2013, UniTek stock closed at $1.52 per share, an almost 50% decline from its closing price of $3.01 per share on April 12, 2013.
No class has been certified in the case. Members of the Class will be represented by the court-appointed lead plaintiff and counsel chosen by lead plaintiff and approved by the Court. If you believe you have significant losses and wish to represent the class, you must retain counsel and file to be appointed lead plaintiff no later than June 18, 2013 to be considered by the Court. The lead plaintiff will be responsible for directing the litigation and participating in all important decisions, as well as be available to testify at depositions and trial. Pursuant to the federal securities laws, the lead plaintiff will be selected from all applicants who timely file and who sustained the greatest loss from the investment in the Company during the Class Period.
If you choose to retain counsel, you may retain Komlossy Law, P.A. without financial obligation or cost to you, or you may retain other counsel of your choice. Komlossy Law, P.A. does not represent the plaintiff in the filed action. You need take no action at this time to be a member of the class.
Komlossy Law, P.A. represents shareholders in complex litigation, including class action and derivative litigation. Komlossy Law, P.A. may co-counsel with another firm, or refer a case to another firm. More information is available through its website, www.komlossylaw.com, and upon request from the firm. Emily C. Komlossy is the attorney responsible for the content of this release.
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