Shareholders Foundation, Inc.

Universal Technical Institute, Inc. (NYSE:UTI) Former Employee Alert: Investigation

An investigation on behalf of former and current employees of Universal Technical Institute, Inc. (NYSE:UTI) over potential breaches of fiduciary duty was initiated and former and current employees of Universal Technical Institute, Inc. should contact the Shareholders Foundation at mail@shareholdersfoundation.com

 
Repost This

San Diego, CA -- (SBWIRE) -- 10/24/2012 -- An investigation on behalf of former and current employees of Universal Technical Institute, Inc. (NYSE:UTI) was announced concerning potential breaches of fiduciary duties by certain officers and directors at Universal Technical Institute, Inc.

Those who are former or current employees of Universal Technical Institute, Inc. (NYSE:UTI), 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 concerns whether certain Universal Technical Institute officers and directors have possibly breached their fiduciary duties and whether Universal Technical Institute, Inc. potentially violated compensation laws.

Universal Technical Institute, Inc. (NYSE:UTI) disclosed that the United States Department of Justice has notified the Universal Technical Institute Inc that they are the subject of a preliminary investigation concerning Federal False Claims Act claims. A former employee alleges that Universal Technical Institute’s compensation of its enrollment counselors violated the “incentive compensation ban” of Title IV of the Higher Education Act, amongst other potential violations allegedly occurring over a number of years. Universal Technical Institute, Inc. said that the same former employee also filed a complaint with the Occupational Safety and Health Administration of the U.S. Department of Labor (DOL) alleging retaliatory employment practices in violation of the whistleblower provisions of the Sarbanes-Oxley Act of 2002.

Universal Technical Institute, Inc. (NYSE:UTI) reported that its Total Revenue increased from $343.46 million for the 12 months period that ended on Sept. 30, 2008 to $451.90 million for the 12 months period that ended on September 30, 2011 and its Net Income over the respective time periods rose from $8.22 million to $27.24 million.

Shares of Universal Technical Institute, Inc. (NYSE:UTI) rose from as low as $9.15 per share in March 2009 to as high as $26.06 per share in March 2010. Since then NYSE:UTI declined and traded for the most part of the first six months in 2012 under $14 per share.

On October 23, 2012, NYSE:UTI shares closed at $13.12 per share.

Those who are former or current employees of Universal Technical Institute, Inc. (NYSE:UTI), have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1 (858) 779 - 1554.

Contact:
Shareholders Foundation, Inc.
Joelle Day
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com