San Diego, CA -- (SBWIRE) -- 04/15/2013 -- An investigation on behalf of investors of UniTek Global Services Inc. (NASDAQ:UNTK) shares over potential securities laws violations by UniTek Global Services Inc. and certain of its directors and officers in connection certain financial statements was announced .
Investors who purchased shares of UniTek Global Services Inc. (NASDAQ:UNTK) 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 focuses on possible claims on behalf of purchasers of the securities of UniTek Global Services Inc. (NASDAQ:UNTK) concerning whether a series of statements by UniTek Global Services Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
UniTek Global Services Inc. (NASDAQ:UNTK) reported that its annual Total Revenue rose from $398.95 million in 2010 to $432.32 million in 2011 and its respective Net Loss declined from $30.58 million to $15.57 million.
Shares of UniTek Global Services Inc. (NASDAQ:UNTK) declined from $10.14 per share in April 2011 to as low as $2.469 per share in August 2012.
For the first three quarters in 2012 UniTek Global Services Inc. reported a combined nine months Total Revenue of $434.99 million with a combined nine months Net Loss of $11.40 million.
Shares of UniTek Global Services Inc. (NASDAQ:UNTK) grew from under $2.50 in August 2012 to $4.30 in Setpember 2012.
Then on April 12, 2013, UniTek Global Services Inc. announced selected estimated preliminary 2012 Financial Results. Among, other things, UniTek Global Services Inc also announced that it will restate its financial results for the interim periods ended March 31, 2012, June 30, 2012and September 29, 2012, the fiscal year ended December 31, 2011 and the interim period ended October 1, 2011.
UniTek Global Services Inc said that as 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.
On April 12, 2013, NASDAQ:UNTK shares closed at $3.01 per share.
Those who purchased shares of UniTek Global Services Inc. (NASDAQ:UNTK), have certain options and should contact the Shareholders Foundation.
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