Case Page

 

Case Status:    SETTLED
On or around 07/08/2014 (Other)

Filing Date: April 19, 2013

According to the law firm press release, UniTek provides engineering, construction management and installation fulfillment services to companies in the telecommunications, broadband cable and satellite industries. During the Class Period, UniTek made materially false and misleading statements and omissions regarding the Company’s financial condition and prospects as well as its internal controls.

On Friday, April 12, 2013, after the close of the financial markets, UniTek announced that it would need to restate its previously-issued financial results dating back to 2011. Stunningly, the Company also admitted that several employees had engaged in fraudulent activities that resulted in improper revenue recognition. UnitTek further disclosed that the Chief Financial Officer and the Chief Accounting Officers, as well as several other employees, had been immediately terminated from their positions with the Company.

In reaction to these shocking revelations, UniTek’s stock price plummeted 50% from a closing price of $3.01 per share on Friday April 12, 2013 to $1.52 per share on Monday April 15, 2013, wiping out half of the Company’s market capitalization in a single day.

The parties filed a Stipulation of Settlement on January 17, 2014. This Settlement was preliminarily approved on February 21. On June 27, 2014, the Settlement was granted final approval and this case was dismissed.

COMPANY INFORMATION:

Sector: Services
Industry: Business Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: UNTK
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: E.D. Pennsylvania
DOCKET #: 13-CV-02119
JUDGE: Hon. Joel H. Slomsky
DATE FILED: 04/19/2013
CLASS PERIOD START: 05/18/2011
CLASS PERIOD END: 04/12/2013
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Ryan & Maniskas, LLP
    995 Old Eagle School Rd., Ste. 311, Ryan & Maniskas, LLP, PA 19087
    (484) 588-5516 (484) 450-2582 ·
  2. Saxena White PA (Boca Raton)
    2424 N. Federal Highway, Suite 257, Saxena White PA (Boca Raton), FL 33431
    561.394.3399 561.394.3399 ·
No Document Title Filing Date