Ryan & Maniskas, LLP Announces Investigation of UniTek Global Services, Inc.
WAYNE, Pa., April 15, 2013 /PRNewswire/ -- Ryan & Maniskas, LLP (www.rmclasslaw.com/cases/untk) has commenced an investigation into potential securities law violations by certain officers of UniTek Global Services, Inc. ("UniTek" or the "Company") (NASDAQ: UNTK). The investigation focuses on allegations that certain statements issued by the Company regarding the Company's business, operations and financial condition were false and misleading.
UniTek shareholders who purchased shares between November 15, 2011 through April 12, 2013 should contact Richard A. Maniskas, Esquire at 877-316-3218 or at email@example.com to learn more about this investigation.
UniTek provides outsourced infrastructure and technical services to the wireless and wireline telecommunications, satellite television and broadband cable industries in the United States and Canada. The investigation is related to the Company's April 12, 2013 disclosure that UniTek will restate its financial results for the interim periods ended March 31, 2012; June 30, 2012 and September 29, 2012; the fiscal year ended December 31, 2011, and the interim period ended October 1, 2011.
According to the Company, "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." The Company further disclosed that Ronald J. Lejman, Chief Financial Officer and Treasurer, has been terminated effective immediately, and based on the recommendation of the Audit Committee the Company also announced the termination of Kevin McClelland, Controller and Chief Accounting Officer, as well as the terminations of Michael Hayford, President of the Pinnacle Wireless division, several other employees of Pinnacle Wireless, and an employee of the UniTek finance department.
If you purchased UniTek shares and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free: (877) 316-3218 or visit: www.rmclasslaw.com/cases/untk. You may also email Mr. Maniskas at firstname.lastname@example.org. For more information about class action cases in general, please visit our website: www.rmclasslaw.com.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.
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