If you have purchased shares of UniTek Global Services Inc. (NASDAQ:UNTK) between May 18, 2011 through April 12, 2013, call 1-800-934-2921 right now to protect your rights.
Filing deadline: 06/18/2013
The lawsuit has been filed on behalf of anyone that has purchased or acquired shares of NASDAQ:UNTK between May 18th 2011 and April 12th 2013. It alleges that UniTek Global Services Inc. and some of its officers have acted in violation of the Securities Exchange Act of 1934 by making statements that would be misleading or materially false, as well as omitting to give necessary information related to the financial standing of the company, its prospects and some of its internal controls.
A report released by UniTek Global Services Inc. shows that the company's total annual revenue increased from $398.95 million in 2010, reaching $432.32 million in 2011. The same report shows that net loss has gone down from $30.58 million in 2010 to $15.57 million in 2011.
NASDAQ:UNTK shares have experienced significant growth, going from around $2.50 per share in August 2012 to $4.30 per share in September 2012.
Following this, an announcement was made on April 12th 2013 by UniTek Global Services Inc. that the company will be restating its financial results for the periods ending March 31st 2012, June 30th 2012 and September 29th 2012. UniTek Global Services Inc. has announced that an internal investigation was being done by an Audit Committee of the Board of Directors, assisted by a forensic accounting firm and independent counsel. As a result of the investigation, it was discovered that numerous individuals working for UniTek Global Services Inc.'s Pinnacle Wireless subsidiary have taken part in fraudulent actions which have resulted in revenue being improperly recognized.
The company went on to announce that, as a result of these findings the President of it Pinnacle Wireless subsidiary, its Chief Financial Officer and Treasurer, its Controller and Chief Accounting Officer, plus several other individuals employed by the Pinnacle Wireless division and the UniTek finance department have been terminated.
NASDAQ:UNTK shares took a significant dive after the announcement, going from around $3 per share on April 12th 2013, to $0.95 per share on April 15th 2013.
Own shares of UniTek Global Services Inc. (NASDAQ:UNTK)? Contact us to protect your rights.
If you have purchased shares of UniTek Global Services Inc. (NASDAQ:UNTK) between May 18, 2011 through April 12, 2013, call 1-800-934-2921 right now to protect your rights. Complete the form on this page or call attorney Bill Kyros at 1-800-934-2921 right now to protect your rights.