NEW YORK--(BUSINESS WIRE)--
The law firm of Wohl & Fruchter LLP announces that it is investigating possible violations of federal securities laws by officers and directors of Uni-Pixel, Inc. (Uni-Pixel) (UNXL).
Uni-Pixel manufactures fingerprint-resistant and hard coat protective cover films for touch screen-enabled devices. Its key product is UniBoss, a copper-mesh film that sits under the glass in touch-sensitive devices, and that the company says is cheaper to manufacture and more responsive than other competing technologies.
On December 7, 2012, Uni-Pixel announced that it had entered into an agreement with a personal computer (PC) manufacturer to develop and introduce products that feature next-generation touch screens based on its UniBoss technology.
On a conference call with analysts on February 26, 2013, Uni-Pixel’s President and CEO, Reed Killion, advised that products from the PC manufacturer incorporating UniBoss technology would be on store shelves by September 2013 during the third quarter. Killion reiterated this timeline in a second conference call with analysts on April 30, 2013.
On April 16, 2013, Uni-Pixel announced that it had entered into a manufacturing and supply agreement with Eastman Kodak Company (Kodak) to produce touch screen sensors based on its UniBoss technology. Kodak did not file a Form 8-K with respect to the agreement, or mention the agreement in its disclosure statement filed with the bankruptcy court on April 30, 2013.
On May 11, 2013, Barron’s published an article entitled “Out of Touch?” questioning Uni-Pixel’s prospects, noting that, among other things, Uni-Pixel faces competition from several experienced and well-capitalized producers, and that Uni-Pixel has failed to commercialize other promising products in the past.
On May 20, 2013, Uni-Pixel announced that the PC manufacturer with whom it is working recently reported delays with associated operating system software that would delay the appearance of products utilizing UniBoss technology from the third quarter into the fourth quarter of 2013.
Since publication of the Barron’s article, and the delay announced on May 20, 2013, UNXL shares have declined over 31% from a close of $34.13/share on May 13, 2013 to a close of $23.47/share on May 21, 2013.
Wohl & Fruchter’s investigation concerns whether officers and directors of Uni-Pixel violated federal securities laws by, among other things, misrepresenting the nature and commercial potential of the agreements entered into by Uni-Pixel with other companies to develop, manufacture and deploy UniBoss, and the ability of Uni-Pixel to successfully produce UniBoss in commercially meaningful volumes within the timeframes forecast by management.
Persons with relevant information, and UNXL shareholders with questions about this investigation, are invited to contact the attorney below, or our Firm by calling 866.582.8140.
Additional information is available on our website at: http://www.wohlfruchter.com/cases/unxl.
About Wohl & Fruchter
Wohl & Fruchter LLP represents plaintiffs in litigation arising from fraud and other fiduciary breaches by corporate managers, as well as other complex litigation matters. Please visit our website, www.wohlfruchter.com, to learn more about our Firm, or contact one of our partners.
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