ENGLEWOOD CLIFFS, N.J., April 15, 2013 (GLOBE NEWSWIRE) -- Gardy & Notis, LLP, a national law firm advocating for shareholder rights, is investigating a potential securities fraud on behalf of investors of UniTek Global Services, Inc.
The investigation focuses on possible claims on behalf of purchasers of the securities of UniTek concerning whether a series of statements regarding its financial operations were materially false and misleading at the time they were made.
On April 12, 2013, UniTek announced that "it will restate 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." UniTek stated that, "[a]s a result of an ongoing internal investigation being conducted by the Audit Committee of the Company's Board of Directors, with the assistance of outside independent counsel and a forensic accounting firm, it was determined that several employees of the Company's Pinnacle Wireless subsidiary engaged in fraudulent activities that resulted in improper revenue recognition." The Company's press release also announced that numerous employees were terminated, including: (1) Ronald J. Lejman, Chief Financial Officer and Treasurer; (2) Kevin McClelland, Controller and Chief Accounting Officer; (3) Michael Hayford, President of the Pinnacle Wireless division; (4) several other employees of Pinnacle Wireless; and (5) an employee of the UniTek finance department.
Shares have dropped over 50% since the Company announced it needed to restate its financial results on April 12, 2013.
If you invested in UniTek's stock or options before April 12, 2013 and would like to discuss your legal rights, call Mark Gardy or Charles Germershausen at 201-567-7377 or e-mail firstname.lastname@example.org or email@example.com. Gardy & Notis, LLP also encourages anyone with information regarding UniTek's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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