PHILADELPHIA--(BUSINESS WIRE)--The law firm of Berman DeValerio filed a securities class action lawsuit today against UniTek Global Services, Inc. (NASDAQ: UNTK)(“UniTek” or the “Company”) and certain of its officers (collectively, with UniTek, the “Defendants”).
The lawsuit alleges violations of United States securities laws on behalf of purchasers of UniTek common stock between May 18, 2011 and April 12, 2013, inclusive (the “Class Period”). The complaint was filed May 7 2013 in the United States District Court for the Eastern District of Pennsylvania, as Harvey v. UniTek Global Services Inc., et al., 2:13-cv-02514 (E.D. Penn.).
UniTek is a provider of engineering, construction management and installation fulfillment services to companies specializing in the telecommunications, broadband cable, wireless, two-way radio, transportation, public safety and satellite industries.
On April 12, 2013, UniTek issued a press release announcing that the Company was restating 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. The Company revealed that an internal investigation had found that certain employees had engaged in “fraudulent activities that resulted in improper revenue recognition.” The Company further disclosed that it was terminating three senior executives including its chief financial officer, controller and chief accounting officer, and president of the Pinnacle Wireless division. On this news, UniTek’s stock price fell from its prior trading day close of $3.01 to close at $1.52 (a decline of nearly 50%) on April 15, 2013, on heavy trading volume.
According to the complaint, the Defendants made false and/or misleading statements and failed to disclose material adverse facts about the Company’s business, operations and prospects during the Class Period. As a result, UniTek common stock traded at artificially inflated prices.
The lawsuit alleges claims on behalf of all Class Period investors under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, 15 U.S.C. §§ 78j(b) and 78t(a), and Rule 10b-5 promulgated thereunder by the United States Securities and Exchange Commission.
Please click on the link to receive a copy of the UniTek class action complaint or call Berman DeValerio at (800) 516-9926.
If you are a member of the class, you may request, no later than June 18, 2013, that the court appoint you as lead plaintiff for the class. You may contact Berman DeValerio to discuss your rights and interest in the case. Please note that you may also retain counsel of your choice or, alternatively, take no action at this time, in which case you will still remain a class member.
Berman DeValerio (www.bermandevalerio.com) is a national law firm representing investors for violations of securities and antitrust laws. The firm has 37 lawyers in Boston, San Francisco and Palm Beach Gardens, Florida.
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