BENSALEM, Pa.--(BUSINESS WIRE)--
Law Offices of Howard G. Smith announces that it is investigating potential claims against UniTek Global Services, Inc. (“UniTek” or the “Company”) (UNTK) concerning possible violations of federal securities laws. The investigation focuses on allegations that certain statements issued by UniTek misrepresented the Company’s operations and financial performance.
UniTek provides outsourced infrastructure and technical services to the wireless and wireline telecommunications, satellite television and broadband cable industries in the United States and Canada. The investigation is related to the Company’s April 12, 2013 disclosure that Unitek 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, 2011, and the interim period ended October 1, 2011.
According to the Company, “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-issued press release further disclosed that Ronald J. Lejman, Chief Financial Officer and Treasurer, has been terminated effective immediately, and based on the recommendation of the Audit Committee the Company also announced the termination of Kevin McClelland, Controller and Chief Accounting Officer, as well as the terminations of Michael Hayford, President of the Pinnacle Wireless division, several other employees of Pinnacle Wireless, and an employee of the UniTek finance department.
If you purchased UniTek shares before April 12, 2013, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com.