WASHINGTON--(BUSINESS WIRE)--Cohen Milstein Sellers & Toll PLLC is conducting an investigation to determine whether UTi Worldwide Inc. (“UTi” or the “Company”) and certain of its officers and directors made false and misleading statements and/or omissions in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
A class action lawsuit was filed in the U.S. District Court for the Central District of California by another law firm on behalf of purchasers of the common stock of UTi Worldwide Inc. (NASDAQ:UTIW) between December 5, 2013 and February 25, 2014, inclusive (the “Class Period”).
The complaint alleges that UTi and certain of its officers and directors (“Defendants”) misrepresented and/or failed to disclose that: (1) there were severe problems with the Company’s new freight forwarding system; (2) the Company was experiencing a severe liquidity issue; and (3) there was a risk that UTi was in danger of violating covenants in certain financing agreements.
The claims in this case followed the drop in the UTi share price after the Company revealed several negative developments during an earnings announcement. On February 26, 2014, the Company unexpectedly announced fourth quarter revenues and earnings that were well below analysts’ expectations. Moreover, the Company announced that it was not in compliance with financial covenants associated with certain of its notes and credit facilities, and that its auditor had expressed doubts about its ability to continue as a going concern. UTi attributed its liquidity crisis in part to the serious problems it experienced immediately upon the rollout of its 1View freight forwarding system in September 2013. The price of UTi shares fell from $15.26 to $10.74 on February 26.
Cohen Milstein encourages all investors who purchased UTi common stock between December 5, 2013 and February 25, 2014 or former employees with information concerning this matter to contact the firm.
If you are a UTi shareholder and would like to discuss your right to recover for your economic loss, you may, without any cost or obligation, call Cohen Milstein’s Managing Partner, Steven J. Toll at (888) 240-0775 or (202) 408-4600, or email him at firstname.lastname@example.org. If you wish to serve as lead plaintiff, you must move the Court no later than May 16, 2014 to request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. To be appointed lead plaintiff, the Court must decide that your claim is typical of the claims of other class members, and that you will adequately represent the class. Your share in any recovery will not be enhanced or diminished by the decision whether or not to serve as a lead plaintiff. Any member of the proposed class may retain Cohen Milstein Sellers & Toll PLLC or other attorneys to serve as your counsel in this action, or you may do nothing and remain an absent class member.
Cohen Milstein Sellers & Toll PLLC has significant experience in prosecuting investor class actions and actions involving securities fraud. The firm has offices in Washington, D.C., New York, Chicago, Philadelphia and Palm Beach Gardens, and is active in major litigation pending in federal and state courts throughout the nation.
The firm’s reputation for excellence has repeatedly been recognized by courts which have appointed the firm to lead positions in complex multi-district or consolidated litigation. Cohen Milstein Sellers & Toll PLLC has taken a lead role in numerous important cases on behalf of defrauded investors, and has been responsible for a number of outstanding recoveries which, in the aggregate, total over one billion dollars. Prior results do not guarantee a similar outcome. For more information visit www.cohenmilstein.com.
If you have any questions about this notice or the action, or with regard to your rights, please contact either of the following:
Steven J. Toll, Esq.
Cohen Milstein Sellers & Toll PLLC
1100 New York Avenue, N.W.
West Tower, Suite 500
Washington, D.C. 20005
Telephone: (888) 240-0775 or (202) 408-4600
Email: email@example.com; firstname.lastname@example.org