Law firm Glancy Binkow & Goldberg LLP is investigating
potential claims on behalf of investors of
UniTek Global Services, Inc.
) regarding the possible breach of federal securities laws by the
The probe looks into allegations levelled by UniTek's investors
that certain statements issued by the company related to its
business, operations and financial condition were false and
misleading. The statements misrepresented the company's
operations and financial performance.
UniTek, on Apr 12, 2013, revealed its estimated preliminary
financial results for 2012. The company also disclosed that it
will restate the financial results for the interim periods ended
Mar 31, 2012, Jun 30, 2012, and Sep 29, 2012, the fiscal year
ended Dec 31, 2011, and the interim period ended Oct 1, 2011,
resulting in the initiation of investigation process.
Consequently, the filing of the company's annual report on Form
10-K for the year ended Dec 31, 2012, will be further delayed.
An ongoing internal investigation, conducted by the Audit
Committee with the assistance of an outside independent counsel
and a forensic accounting firm, determined that several employees
of UniTek's Pinnacle Wireless subsidiary were engaged in
fraudulent activities, which resulted in improper revenue
UniTek has decided to sack the CFO (Chief Financial Officer) and
Treasurer, Ronald Lejman, as well as Kevin McClelland, controller
and chief accounting officer of the company, based on the
recommendation of the Audit Committee.
Blue Bell, Pa.-based UniTek, a provider of engineering,
construction management, installation and technical services to
the wireless and wireline telecommunications, satellite
television, and broadband cable industries in the U.S. and
Canada, is now focusing to complete its financial reporting
UniTek currently retains a short-term Zacks Rank #3 (Hold).
Orion Marine Group, Inc
Chicago Bridge & Iron Company N.V.
Sterling Construction Co. Inc
) also belong to the building construction industry. While Orion
holds a Zacks Rank #1 (Strong Buy), Chicago Bridge and Sterling
Construction carry a Zacks Rank #2 (Buy).
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UNITEK GLOBAL (UNTK): Free Stock Analysis
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