Boston, MA 06/13/2013 (wallstreetpr) – The share prices of UniTek Global Services Inc. (NASDAQ:UNTK) had surged by 10.00 percent to close at $1.35 per share for the end of last trading session. The stock opened at $1.44 and made an intraday high of $1.47 before plunging sharply. Over 18.71m shares were traded in the last trading session.
UniTek Global Services Inc. (NASDAQ:UNTK) provides outsourced infrastructure and technical services to the wireless and wireline telecommunications, satellite television and broadband cable industries in the United States and Canada. The Complaint alleges that the defendants misrepresented and/or failed to disclose material information including: (1) that the Company’s financial statements did not provide a fair presentation of the Company’s finances and operations; (2) that the Company’s Pinnacle Wireless subsidiary engaged in fraudulent activities that resulted in improper revenue recognition; (3) that the Company’s internal accounting controls were deficient and permitted improper revenue recognition; and (4) as a result, that UniTek Global Services Inc. (NASDAQ:UNTK)’s financial statements were materially false and misleading at all relevant times.
UniTek Global Services Inc. (NASDAQ:UNTK) is a provider of engineering, construction management and installation fulfillment services to companies specializing in the telecommunications, broadband cable, wireless, two-way radio, transportation, public safety and satellite industries. UniTek has created a scalable operating platform, enabling each UniTek subsidiary to deliver quality services.
UniTek Global Services Inc. (NASDAQ:UNTK) had witnessed the trade of 95,132 shares per day on an average. The company presently holds 18.71 million shares outstanding with an institutional ownership of 52 percent of its holdings.
