STEVENSON, Md., April 24, 2013 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Eastern District of Pennsylvania on behalf of purchasers of UniTek Global Services, Inc. ("UniTek" or the "Company") (Nasdaq:UNTK) common stock during the period between May 18, 2011 and April 12, 2013, inclusive (the "Class Period").
If you have suffered a net loss from investment in UniTek Global Services, Inc. common stock purchased on or after May 18, 2011, and held through April 12, 2013, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at firstname.lastname@example.org, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than June 18, 2013 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that the Company's financial statements during the Class Period did not provide a fair presentation of the Company's finances and operations and that the Company's subsidiary, Pinnacle Wireless, engaged in fraudulent activities that resulted in improper revenue recognition. According to the Complaint, following the Company's April 12, 2013 disclosure that it would be restating previously issued financial statements for the interim periods ended March 31, 2012, June 30, 2012 and September 29, 2012, as well as for the fiscal year ended December 31, 2011 and the interim period ended October 1, 2011, that the filing of the Company's Annual Report for the year ended December 31, 2012 would be further delayed, that the Company had terminated its Chief Financial Officer, Chief Accounting Officer, and several other employees, and that as a result of an ongoing internal investigation conducted by the Audit Committee of the Company's Board of Directors, it was determined that several employees of the Company's Pinnacle Wireless subsidiary engaged in fraudulent activities that resulted in improper revenue recognition, the value of UniTek shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT: Charles J. Piven Brower Piven, A Professional Corporation Stevenson, Maryland 410/415-6616 email@example.comSource: Brower Piven, A Professional Corporation