NEW YORK, March 17, 2014 /PRNewswire/ -- Wolf Popper LLP has filed a class action lawsuit against UTi Worldwide Inc. ("UTi") (NASDAQ: UTIW), and two of its senior officers, in the United States District Court for the Central District of California, on behalf of all persons who purchased shares of UTi common stock on the open market during the period December 5, 2013 through February 25, 2014, and were damaged thereby. This action alleges claims for violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
If you are a member of the Class, you may file a motion no later than May 16, 2014 to be appointed the lead plaintiff. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Investors who purchased UTi common stock during the Class Period and suffered losses are urged to contact Wolf Popper to discuss their rights.
The Complaint charges that defendants omitted material facts from their SEC filings and other public statements, namely, that UTI 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. UTi'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 with emergency financing. The disclosures of the severity of the financial problems caused UTi's stock price to fall nearly 30% on February 26, 2014, as the market digested the news.
Wolf Popper LLP has successfully recovered billions of dollars for defrauded investors. The firm's reputation and expertise have been repeatedly recognized by the courts, which have appointed the firm to major positions in complex multi-district and consolidated litigations.