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Nov. 30, 2012 /PRNewswire/ -- Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of the securities of
Universal Technical Institute, Inc. ("UTI" or the "Company") (NYSE: UTI -News), concerning potential violations of federal securities laws.
November 28, 2012, Shares of UTI fell
$3.44 or 28% to close at
$8.80 after disclosing in its 10K that in September it received a Civil Investigative Demand from the Attorney General of
Massachusetts relating to pending investigation regarding of false claims allegations related to student loans, guarantees, grants. The investigation relates specifically to allegations that the Company caused false claims to be submitted to the Commonwealth relating to student loans, guarantees and grants provided to students at the Company's
Norwood, Massachusetts campus. According to the Company's 10K, The Civil Investigative Demand required UTI to produce documents and provide written testimony regarding a broad range of the Company's business from
September 2006 to the present. Then in
October 2012, UTI said that it would not be able to provide the documentation ACCSC requested related to the preliminary investigation by the U.S. Department of Justice.
If you are aware of any facts relating to this investigation, or purchased shares of UTI, you can assist this investigation by contacting either
Peretz Bronstein or
Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email
firstname.lastname@example.org. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration.