NEW YORK, Dec. 3, 2012 /PRNewswire/ -- Harwood Feffer LLP (www.hfesq.com) is investigating potential claims against the board of directors of Universal Technical Institute ("UTI" or the "Company") (NYSE: UTI), concerning whether the board has breached its fiduciary duties to shareholders.
On November 28, 2012, UTI filed a Form 10-K with the SEC in which it disclosed that in September 2012 the Company received a Civil Investigative Demand from the Attorney General of Massachusetts. The Attorney General's inquiry focused on allegations that the Company caused false claims to be submitted to Massachusetts relating to student loans, guarantees and grants at UTI's Norwood, Massachusetts campus.
In addition, the Form 10-K disclosed that in October 2012 one of UTI's accreditors, the Accrediting Commission of Career Schools and Colleges requested certain documentation related to a preliminary investigation of violations of the False Claims Act by the U.S. Department of Justice. According to the Company, it was unable to provide the information requested.
Our investigation concerns whether the UTI board of directors has breached its fiduciary duties to shareholders, grossly mismanaged the Company, and/or committed abuses of control in connection with the foregoing.
If you own UTI shares and wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact:
Robert I. Harwood, Esq.
Matthew M. Houston, Esq.
Benjamin Sachs-Michaels, Esq.
Harwood Feffer LLP
488 Madison Avenue
New York, New York 10022
Phone Numbers: (877) 935-7400
Harwood Feffer has been representing individual and institutional investors for many years, serving as lead counsel in numerous cases in federal and state courts. Please visit the Harwood Feffer LLP website (http://www.hfesq.com) for more information about the firm.
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SOURCE Harwood Feffer LLP