Cohen Milstein Sellers & Toll PLLC Announces the Investigation of UniTek Global Services, Inc.
WASHINGTON--(BUSINESS WIRE)-- Cohen Milstein Sellers & Toll PLLC is conducting an investigation to determine whether UniTek Global Services, Inc. ("UniTek" or the "Company") and certain of its officers and directors made false and misleading statements and/or omissions in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
A class action lawsuit was filed in the U.S. District Court for the Eastern District of Pennsylvania by another law firm on behalf of purchasers of the common stock of UniTek Global Services, Inc. (NAS: UNTK) between May 18, 2011 and April 12, 2013, inclusive (the "Class Period").
The complaint alleges that UniTek and certain of its officers and directors ("Defendants") made false and misleading statements concerning the Company's financial results, accounting practices and internal controls.
On March 27, 2013, UniTek announced that it was unable to timely file its 2012 form 10-K "due to its Audit Committee's ongoing review of certain accounting issues regarding revenue recognition at its Pinnacle Wireless division." UniTek acquired Pinnacle Wireless in April 2011.
After the close of trading on Friday, April 12, the Company announced that it would restate its previously-issued results for the year 2011, the third quarter of 2011, and the first three quarters of 2012 due to "revenue recognition issues" at its subsidiary, stating that several employees at Pinnacle Wireless "had engaged in fraudulent activities that resulted in improper revenue recognition." UniTek further reported, that following an internal review conducted by its Audit Committee with the assistance of independent counsel and a forensic accounting firm, it was immediately terminating (without severance) its CFO, defendant Ronald J. Lejman, its Controller & CAO, defendant Kevin McClelland, the President of its Pinnacle Wireless Division, defendant Michael Hayford, as well as several other employees. Finally, UniTek reported that it "has and will continue to assess the underlying internal control deficiencies that enabled the revenue recognition misstatements to occur and not be prevented or detected on a timely basis." The price of UniTek shares fell from $3.01 to $1.52 on April 15.
Cohen Milstein encourages all investors who purchased UniTek common stock between May 18, 2011 and April 12, 2013 or former employees with information concerning this matter to contact the firm.
If you are an UniTek shareholder and would like to discuss your right to recover for your economic loss, you may, without any cost or obligation, call Cohen Milstein's Managing Partner, Steven J. Toll at (888) 240-0775 or (202) 408-4600, or email him at email@example.com. If you wish to serve as lead plaintiff, you must move the Court no later than June 18, 2013 to request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. To be appointed lead plaintiff, the Court must decide that your claim is typical of the claims of other class members, and that you will adequately represent the class. Your share in any recovery will not be enhanced or diminished by the decision whether or not to serve as a lead plaintiff. Any member of the proposed class may retain Cohen Milstein Sellers & Toll PLLC or other attorneys to serve as your counsel in this action, or you may do nothing and remain an absent class member.
Cohen Milstein Sellers & Toll PLLC has significant experience in prosecuting investor class actions and actions involving securities fraud. The firm has offices in Washington, D.C., New York, Chicago, Philadelphia and Palm Beach Gardens, and is active in major litigation pending in federal and state courts throughout the nation.
The firm's reputation for excellence has repeatedly been recognized by courts which have appointed the firm to lead positions in complex multi-district or consolidated litigation. Cohen Milstein Sellers & Toll PLLC has taken a lead role in numerous important cases on behalf of defrauded investors, and has been responsible for a number of outstanding recoveries which, in the aggregate, total over a billion dollars. Prior results do not guarantee a similar outcome. For more information visit www.cohenmilstein.com.
If you have any questions about this notice or the action, or with regard to your rights, please contact either of the following:
Steven J. Toll, Esq.
Cohen Milstein Sellers & Toll PLLC
1100 New York Avenue, N.W.
West Tower, Suite 500
Washington, D.C. 20005
Telephone: (888) 240-0775 or (202) 408-4600
Email: firstname.lastname@example.org; email@example.com
KEYWORDS: United States North America District of Columbia
The article Cohen Milstein Sellers & Toll PLLC Announces the Investigation of UniTek Global Services, Inc. originally appeared on Fool.com.
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