A law office recently announced that it filed a securities class action lawsuit against a supply chain company after allegations of securities law violations.
Law firm Wolf Popper, LLP, filed the litigation in the U.S. District Court for the Central District of California against UTI Worldwide, Inc. This includes all shareholders who acquired stock in the company during the class period between Dec. 5, 2013, and Feb. 25, 2014.
The allegations are against two of the company’s senior officers, as they may have violated the Securities Exchange Act of 1934, specifically Sections 10(b) and 20(a). The lawsuit noted that the company’s leaders left out some details from filings with the Securities Exchange Commission. This included the company’s cash issues and diminishing credit lines because of its recently-opened freight system and financial setup.
It is an option for shareholders to become lead plaintiff in the case. In order to do this, they need to file the correct paperwork by May 16, 2014. This is not a mandatory position, and shareholders can still collect in the event of a monetary return or settlement without applying.
Shareholders can learn more about the case, as well as how it may affect their own rights, by speaking with the law firm. The best person to speak with is Robert Finkel, and he can be best reached by telephone, email or fax. Additionally, there is further information available on the firm’s website.
Second lawsuit filed against UTI Worldwide
Another law firm announced a litigation filing against the company for many of the aforementioned reasons.
Glancy Binkow and Goldberg, LLP, also filed a class action claim against UTI International in the same court for many of the same reasons. The complaint noted that the company had a number of liquidity issues that had it create approximately $500 million in convertible notes and other share types in order to keep up with financial needs from other engagements.
It is also possible for shareholders to discuss the lawsuit with this firm. Michael Goldberg and Gregory Linkh are available to speak on matters related to the lawsuit, and he can be reached by telephone or email. For those who contact by email, it is necessary to also provide their mailing address, telephone and the number of shares they’ve purchased.