NEW YORK--(BUSINESS WIRE)--
Newman Ferrara LLP is conducting an investigation on behalf of shareholders of UniTek Global Services, Inc. (“UniTek”) (UNTK) into potential violations of federal securities laws by UniTek and certain of its officers and directors.
On April 12, 2013, UniTek announced that it would restate its financial results for the fiscal years 2011 and 2012 because, “it was determined that several employees of the Company’s Pinnacle Wireless subsidiary engaged in fraudulent activities that resulted in improper revenue recognition.” UniTek also announced that numerous high ranking executives had been terminated, effective immediately, including UniTek’s: (i) Chief Financial Officer and Treasurer, Ronald J. Lejman, (ii) Controller and Chief Accounting Officer, Kevin McClelland, and (iii) President of the Pinnacle Wireless division, Michael Hayford.
On this news, shares of UniTek stock dropped nearly 50% on value to a closing price of $1.52 per share on April 15, 2013.
Shareholders who purchased shares of UniTek stock between November 15, 2011 and April 12, 2013 may contact Newman Ferrara attorney Roy Shimon at (212) 619-5400 or firstname.lastname@example.org to discuss this investigation, their rights, or potential remedies.
Whistleblowers: Persons with knowledge that may aid in the investigation of this matter are encouraged to contact the firm. Under the Dodd-Frank Wall Street Reform Bill, whistleblowers are protected from employer retaliation and may be entitled to as much as 30 percent of the recovery if the information provided leads to a successful action.
Newman Ferrara maintains a multifaceted practice based in New York City with attorneys specializing in complex commercial and multi-party litigation, securities fraud and shareholder litigation, consumer protection, civil rights, and real estate. For more information, please visit the firm website at www.nfllp.com.
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Roy Shimon, 212-619-5400