BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces an investigation on behalf of investors of The Universal Technical Institute, Inc. (“Universal Technical” or the “Company”) (NYSE:UTI) concerning recent announcements that it has received a subpoena from the U.S. Attorney’s Office. Universal Technical investors are encouraged to contact Law Offices of Howard G. Smith to discuss the alleged wrongdoing, and steps investors can take to recover any losses caused by the Company’s alleged fraud.
On July 24, 2015, the Company disclosed the following: “On July 17, 2015, Universal Technical Institute, Inc. (the Company) received a subpoena from the U.S. Attorney's Office for the Western District of North Carolina (U.S. Attorney's Office) issued pursuant to the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA). The subpoena covers a broad range of matters relating to the Company's Mooresville, North Carolina campus operations over the past several years. It also seeks documents and information relating to the Company's compliance with the ‘90/10 rule,’ and other Company programs and practices. We intend to cooperate with the U.S. Attorney's Office, and cannot predict the duration or outcome of its inquiry.” On this news, shares of Universal Technical fell $1.69 per share, or over 22%, to close on July 24, 2015 at $5.96 per share.
If you purchased Universal Technical shares, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com.
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