An investigation on behalf of current long term investors in UniPixel Inc (NASDAQ:UNXL) shares over possible breaches of fiduciary duty by certain officers and directors was announced and NASDAQ:UNXL stockholders should contact the Shareholders Foundation at email@example.com
San Diego, CA -- (SBWIRE) -- 12/09/2013 -- An investigation on behalf of current long term investors in shares of UniPixel Inc (NASDAQ:UNXL) was announced concerning potential breaches of fiduciary duties by certain officers and directors of UniPixel Inc.
Investors who purchased shares of UniPixel Inc (NASDAQ:UNXL) prior to December 2012 and currently hold any of those NASDAQ:UNXL shares, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm for current long term investors in NASDAQ:UNXL stocks follows a lawsuit that was filed recently against UniPixel Inc over alleged securities laws violations. The investigation on behalf of current long term investors in NASDAQ:UNXL stocks, concerns whether certain UniPixel officers and directors are liable in connection with the allegations made in that lawsuit.
According to that complaint filed in the U.S. District Court for the Southern District of New York the plaintiff alleges that UniPixel Inc 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.
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 $38.70 per share in April to $12.30 per share in July 2013.
On December 6, 2013, NASDAQ:UNXL shares closed at $11.64 per share, which is significantly below its current 52 week High of $41.42 per share.
Those who purchased shares of UniPixel Inc have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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