A lawsuit was filed for certain investors in shares of UniPixel Inc (NASDAQ:UNXL) over alleged securities laws violations. Deadline: August 5, 2013. NASDAQ:UNXL investors should contact the Shareholders Foundation at firstname.lastname@example.org
San Diego, CA -- (SBWIRE) -- 06/10/2013 -- An investor, who purchased shares of UniPixel Inc (NASDAQ:UNXL), filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by UniPixel Inc in connection certain allegedly false and misleading statements that were made between December 7, 2012 and May 31, 2013 .
Investors who purchased shares of UniPixel Inc (NASDAQ:UNXL) have certain options and for certain investors are short and strict deadlines running. Deadline: August 5, 2013. NASDAQ:UNXL investors should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the complaint the plaintiff alleges on behalf of purchasers of UniPixel Inc (NASDAQ:UNXL) common stock during the period between December 7, 2012 and May 31, 2013, that UniPixel Inc and certain of its officers violated the Securities Exchange Act of 1934 by issuing between December 7, 2012 and May 31, 2013 allegedly materially false and misleading statements regarding the Company’s operations and business.
On December 7, 2012, UniPixel Inc announced that UniPixel Inc and a Major PC Maker entered into a Multi-Million Dollar preferred price and capacity license agreement to introduce products with uniBoss-based touch screens.
On April 16, 2013, UniPixel Inc announced that it entered into a manufacturing and supply agreement with Eastman Kodak Company to produce next-generation touch sensors based on our UniBoss™ multi-touch sensor film.
Shares of UniPixel Inc grew from $8.26 per share on December 6, 2012 to as high as $38.70 per share on April 26, 2013.
However, the plaintiff alleges that defendants failed to disclose that the terms of Uni-Pixel’s purported December 2012 licensing agreement with a “Major PC Maker” were either immaterial or legally unenforceable, that the terms of Uni-Pixel’s purported April 2013 licensing agreement with a “Major Ecosystem Partner” were either immaterial or legally unenforceable, that the terms of Uni-Pixel’s purported April 2013 manufacture and supply agreement with Kodak were either immaterial or legally unenforceable, that there were significant design defects in the UniBoss product. and that as a result, defendants knew the Company’s projected sales and earnings were unattainable.
Then on May 11, 2013, a media report was published questioning Uni-Pixel’s prospects. Among other things, the article said that UniPixel Inc is entering a crowded field and aiming to compete against far more experienced producers.
On May 20, 2013, UniPixel Inc said that its PC partner recently reported delays with associated operating system software. UniPixel Inc said that given its understanding of the pc makers updated timeline, its expectations for products utilizing UniBoss touch sensors to be on the shelves has been shifted from the third quarter into the fourth quarter of this year.
Shares of UniPixel Inc declined from $36.88 per share on May 16, 2013 to as low as $14.95 per share on June 3, 2013.
On June 7, 2013, NASDAQ:UNXL shares closed at $18.14 per share, which is significantly below its current 52 week High of $41.42 per share.
Those who purchased shares of UniPixel Inc (NASDAQ:UNXL), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego