The Shareholders Foundation announces that an investor, who purchased shares of UTi Worldwide Inc.(NASDAQ:UTIW), filed a lawsuit in the U.S. District Court for the Central District of California over alleged violations of Federal Securities Laws by UTi Worldwide Inc. in connection with certain allegedly false and misleading statements made between December 5, 2013 and February 25, 2014
If you purchased shares of UTi Worldwide Inc.(NASDAQ:UTIW) have certain options and for certain investors are short and strict deadlines running. Deadline: May 16, 2014. NASDAQ:UTIW investors should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 – 1554.
According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired securities of UTi Worldwide Inc.(NASDAQ:UTIW) between December 5, 2013 and February 25, 2014, that UTi Worldwide Inc. and certain of its officers and directors violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
More specifically, the plaintiff claims that defendants allegedly omitted material facts from their SEC filings and other public statements, namely, that UTi Worldwide Inc was experiencing a cash crunch and was rapidly depleting its lines of credit because of problems experienced with the rollout of its new freight forwarding operating and global financial systems. The plaintiff alleges that UTi Worldwide Inc’s undisclosed liquidity problems were so severe that UTi was forced to engage in a heavily dilutive offering of convertible notes and preferred shares totaling over $500 million to provide UTi Worldwide Inc with emergency financing.
Shares of UTi Worldwide Inc.(NASDAQ:UTIW) declined from $22.41 per share in April 2011 to almost $15 in early February 2014.
Then on February 26, 2014, UTi Worldwide Inc. reported its updated consolidated financial statements for the fiscal year ended January 31, 2013.
UTi Worldwide Inc. reported that its Total Revenue declined from over $4.91 billion for the 12 months period that ended on Jan. 31, 2012 to $4.46 billion for the 12 months period that ended on Jan. 31, 2013 and that its Net Income of $72.53 million for the 12 months period that ended on Jan. 31, 2012 decreased to a Net Loss of $100.51 million for the 12 months period that ended on Jan. 31, 2013.
On May 9, 2014, NASDAQ:UTIW shares closed at $9.21 per share, which is significantly below its current 52 week High of $17.70 per share.
Those who purchased shares of UTi Worldwide Inc. have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com