Federman & Sherwood Reminds Investors of Imminent Deadline in Securities Class Action Filed Against UTi Worldwide Inc.
Oklahoma City, OK (April 29, 2014) -- On March 17, 2014, a securities class action lawsuit was filed in the United States District Court for the Central District of California against UTi Worldwide Inc. (NASDAQ: UTIW) (“UTI” or the “Company”). The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations that UTI issued a series of material or false statements to the market which had the effect of artificially inflating UTI’s market price during the Class Period, which is December 5, 2013 through February 25, 2014.
More specifically, it is alleged that defendants omitted material facts from their Securities and Exchange Commission filings, as well as making public statements that the Company was experiencing a severe cash crunch and was rapidly depleting its lines of credit related to problems it was experiencing with the rollout of its new freight forwarding operating and global financial systems. UTI’s undisclosed liquidity problems were so severe that the Company was forced to engage in an offering of convertible notes and preferred shares totaling over $500 million in order to provide UTI with emergency financing. On February 26, 2014, the Company made disclosures regarding the severity of the Company’s financial problems, causing UTI’s stock prices to fall nearly 30%.
Plaintiff seeks to recover damages on behalf of all UTI Worldwide Inc. shareholders who purchased common stock during the Class Period and are therefore a member of the Class as described above. You may move the Court no later than Friday, May 16, 2014 to serve as a lead plaintiff for the entire Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.
To join this class action, click here to obtain an investor certification. Once complete, please email this form to firstname.lastname@example.org, fax to us at (405) 239-2112 or send by regular mail to Federman & Sherwood, 10205 North Pennsylvania Avenue, Oklahoma City, OK 73120, ATTN: Lynn.
Posted on Tue, April 29, 2014
by K. Lynn Nunn