Wolf Haldenstein Adler Freeman & Herz, LLP announces that a class action lawsuit has been filed in the United States District Court for the Central District of California on behalf of all persons or entities that purchased the securities of UTi Worldwide Inc. (NASDAQ:UTIW) within the class period of December 5, 2013 through February 25, 2014, inclusive.
The filed action charges that the Company did not previously disclose to shareholders that it was facing severe liquidity issues and was in danger of violating important debt covenants. In order to raise cash to prevent a default, the Company was forced to issue heavily dilutive convertible notes and preferred shares totaling over $500 million. The disclosure of the true financial condition of the Company led to a decline of $4.52 per share of February 26, 2014, wiping out over $470 million in market capitalization.
Wolf Haldenstein has represented individual and institutional investors for many years, serving as lead counsel in numerous cases in United States federal and state courts. Please visit the Wolf Haldenstein website ( http://www.whafh.com) for more information about the firm.
If you purchased UTi Worldwide Inc. shares during the Class Period you may, no later than May 16, 2014, request that the Court appoint you lead plaintiff. If you are a shareholder of UTi Worldwide Inc., who suffered a material loss on your shares and would like additional information concerning your rights in this matter, please contact us immediately:Patrick Donovan, EsquireorGregory Stone, Director of Case and Financial AnalysisWolf Haldenstein Adler Freeman & Herz LLP270 Madison AvenueNew York, New York 10016 Phone Numbers:(800) 575-0735(212) 545-4600(212) 545-4774 Email: Classmember@whafh.com, Donovan@whafh.com or email@example.com and please reference “UTi Worldwide Inc.” Wolf Haldenstein Adler Freeman & Herz LLP did not file the original complaint against UTi Worldwide Inc.