Case Page

 

Case Status:    DISMISSED    
On or around 01/06/2016 (Other)

Filing Date: March 17, 2014

According to the law firm press release, the Complaint charges that defendants omitted material facts from their SEC filings and other public statements, namely, that UTI was experiencing a cash crunch and was rapidly depleting its lines of credit because of problems experienced with the rollout of its new freight forwarding operating and global financial systems. UTi's undisclosed liquidity problems were so severe that UTi was forced to engage in a heavily dilutive offering of convertible notes and preferred shares totaling over $500 million to provide UTi with emergency financing. The disclosures of the severity of the financial problems caused UTi's stock price to fall nearly 30% on February 26, 2014, as the market digested the news.

On July 1, 2014, the Court appointed lead plaintiff and approved lead counsel. Lead plaintiff filed an amended complaint on September 5.

On November 12, 2015, the Court dismissed this case with prejudice.

COMPANY INFORMATION:

Sector: Transportation
Industry: Air Courier
Headquarters: British Virgin Islands

SECURITIES INFORMATION:

Ticker Symbol: UTIW
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: C.D. California
DOCKET #: 14-CV-02066
JUDGE: Hon. Consuelo B. Marshall
DATE FILED: 03/17/2014
CLASS PERIOD START: 12/05/2013
CLASS PERIOD END: 02/25/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Hulett Harper Stewart LLP
    525 B Street, Suite 760, Hulett Harper Stewart LLP, CA 92101
    619..338.1133 619..338.1139 · office@hulettharper.com
  2. Wolf Popper, LLP
    845 Third Avenue, Wolf Popper, LLP, NY 10022-6689
    877.370.7703 212.486.2093 · IRRep@wolfpopper.com
No Document Title Filing Date
COURT: C.D. California
DOCKET #: 14-CV-02066
JUDGE: Hon. Consuelo B. Marshall
DATE FILED: 06/29/2015
CLASS PERIOD START: 03/28/2013
CLASS PERIOD END: 02/25/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Federman & Sherwood (Oklahoma City)
    10205 N. Pennsylvania, Federman & Sherwood (Oklahoma City), OK 73120
    405.235.1560 405.235.1560 ·
  2. Green & Noblin P.C.
    700 Larkspur Landing Circle, Suite 275, Green & Noblin P.C., CA 94939
    415.477.6700 415.477.6710 ·
No Document Title Filing Date