UniTek Global Services, Inc. (NASDAQ: UNTK)Mon, 04/15/2013 - 13:33 — Webmaster
Ryan & Maniskas, LLP has filed a securities fraud class action lawsuit in the United States District Court for the Eastern District of Pennsylvania on behalf of purchasers of common stock of UniTek Global Services, Inc. (NASDAQ: UNTK) during the period between May 18, 2011 through April 12, 2013, inclusive (the "Class Period").Join the class action
Ryan & Maniskas, LLP (www.rmclasslaw.com/cases/untk) has filed a securities fraud class action lawsuit in the United States District Court for the Eastern District of Pennsylvania on behalf of purchasers of common stock of UniTek Global Services, Inc. ("UniTek" or the "Company") (NASDAQ: UNTK) during the period between May 18, 2011 through April 12, 2013, inclusive (the "Class Period").
For more information regarding this class action suit, please contact Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at firstname.lastname@example.org or visit: www.rmclasslaw.com/cases/untk.
UniTek provides outsourced infrastructure and technical services to the wireless and wireline telecommunications, satellite television and broadband cable industries in the United States and Canada. The lawsuit alleges UniTek and certain of its officers and directors violated the Securities Exchange Act of 1934. The complaint claims UniTek issued materially false and misleading statements which led to an inflated stock price during the Class Period.
On Friday, April 12, 2013, after the close of the financial markets, UniTek announced that it would need to restate its previously-issued financial results dating back to 2011. Stunningly, the Company also admitted that several employees had engaged in fraudulent activities that resulted in improper revenue recognition. UnitTek further disclosed that the Chief Financial Officer and the Chief Accounting Officers, as well as several other employees, had been immediately terminated from their positions with the Company.
In reaction to these shocking revelations, UniTek's stock price plummeted 50% from a closing price of $3.01 per share on Friday April 12, 2013 to $1.52 per share on Monday April 15, 2013, wiping out half of the Company's market capitalization in a single day.
If you are a member of the class, you may, no later than June 18, 2013, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.