NEW YORK, May 6, 2014 (GLOBE NEWSWIRE) -- Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the Central District of California on behalf of investors who purchased UTi Worldwide Inc. ("UTi" or the "Company") (Nasdaq:UTIW) common stock between December 5, 2013 and February 25, 2014.
For more information, click here: http://zlk.9nl.com/utiworldwide.
The complaint alleges that the Company omitted material facts from their SEC filings and other public statements. In particular it is alleged that UTi failed to disclose that its lines of credit were rapidly depleting. The complaint alleges that the undisclosed liquidity problems were so severe that UTi was forced to engage in a heavily dilutive offering of convertible notes and preferred shares; following disclosure of the Company's true financial situation, UTi's stock fell nearly 30% on February 26, 2014.
If you suffered a loss in UTi you have until May 16, 2014 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at email@example.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://zlk.9nl.com/utiworldwide.
Levi & Korsinsky is a national firm with offices in New York, New Jersey, Connecticut and Washington D.C. The firm's 26 attorneys have extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Levi & Korsinsky, LLP Joseph Levi, Esq. Eduard Korsinsky, Esq. 30 Broad Street - 24th Floor New York, NY 10004 Tel: (212) 363-7500 Toll Free: (877) 363-5972 Fax: (212) 363-7171 www.zlk.comSource:Levi & Korsinsky, LLP