NEW YORK, April 16, 2013 (GLOBE NEWSWIRE) -- Pomerantz Grossman Hufford Dahlstrom & Gross LLP is investigating claims on behalf of investors of UniTek Global Services ("UniTek" or the "Company") who purchased UniTek common stock between May 9, 2012 and April 14, 2013 (the "Class Period"). Such investors are advised to contact Robert S. Willoughby at email@example.com or 888-476-6529, ext. 237.
The investigation concerns whether UniTek and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On April 12, 2013, UniTek disclosed that it will restate its financial results for the interim periods ended March 2012, June 2012 and September 29, 2012, as well as for the fiscal year ended December 2011 and the interim period ended October 1, 2011. UniTek also announced that it had terminated Ronald Lejman, its CFO and Treasurer, Kevin McClelland, controller and chief accounting officer, and several other employees. According to a Company filing, an internal investigation determined "that several employees of the Company's Pinnacle Wireless subsidiary engaged in fraudulent activities that resulted in improper revenue recognition." On this news announcement, shares of UniTek fell $1.85 or 63% to $1.16 before trading in the shares was halted by the exchange.
The Pomerantz Firm, with offices in New York, Chicago, San Diego and Florida, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT: Robert S. Willoughby Pomerantz Grossman Hufford Dahlstrom & Gross LLP firstname.lastname@example.orgSource:Pomerantz Grossman Hufford Dahlstrom & Gross LLP