Holzer & Holzer, LLC announces that a class action lawsuit has been filed in the United States District Court for the Central District of California on behalf of investors who purchased UTi Worldwide Inc. (“UTi” or the “Company”) (NASDAQ: UTIW) securities between December 5, 2013 and February 25, 2014. The complaint alleges that during the relevant time period UTi violated the U.S. securities laws by failing to adequately disclose that: (i) problems with the Company’s freight forwarding operating and global financial systems were causing UTi to exhaust its lines of credit; and (ii) as a result, UTi was forced to engage in a dilutive offering of convertible notes. On February 26, 2014, UTi announced that it was in breach of certain debt covenants and needed to engage in the recapitalization plan in order to avoid default. The price of UTi stock fell dramatically on the news.
If you purchased UTi securities between December 5, 2013 and February 25, 2014 and are interested in your legal rights, you are encouraged to contact Marshall P. Dees, Esq. via email at email@example.com, or via toll-free telephone at (888) 508-6832. There is a deadline of May 16, 2014 for interested investors to ask the court to be appointed as lead plaintiff for the case.
Holzer & Holzer, LLC is an Atlanta, Georgia law firm that dedicates its practice to vigorous representation of shareholders and investors in litigation nationwide, including shareholder class action and derivative litigation. More information about the firm is available through its website, www.holzerlaw.com and upon request from the firm.