Rosen Law Firm Representing Investors in Securities Class Action Against Universal Travel Group, Inc. Reminds Investors of Impor
2011年4月30日 - 9:19AM
The Rosen Law Firm, P.A. reminds investors of the important June
15, 2011 lead plaintiff deadline in the securities class action
filed by the firm on behalf of purchasers of the securities of
Universal Travel Group, Inc. (NYSE:UTA) during the period from
January 19, 2010 to April 12, 2011.
To join the Universal Travel class action, visit the Rosen Law
Firm's website at http://www.rosenlegal.com, or call Laurence
Rosen, Esq. or Phillip Kim, Esq., toll-free, at 866-767-3653; you
may also email lrosen@rosenlegal.com or pkim@rosenlegal.com for
information on the class action. The case is pending in the U.S
District Court of New Jersey.
The Complaint asserts violations of the federal securities laws
against Universal Travel and its officers and directors for issuing
false and misleading information to investors about the financial
and business condition of the Company. The Complaint alleges
that the Universal Travel misstated (a) the nature and quality of
the companies it acquired during the Class Period; and (b) the
adequacy of the Company's internal controls. As a result, the
Complaint alleges that the Company's periodic reports filed with
the SEC and public statements were materially false and
misleading.
On March 8, 2011 a firm called Glaucus Research Group issued a
report (the "Report") setting forth numerous red flags of fraud,
ranging from alleged misstatements concerning the Company's online
travel business, cash balances, and the Company's purported
relationship with a large on-line travel company. The Report
also revealed that the financial statements of the companies
Universal Travel acquired in 2010 that were filed with authorities
in China showed only a fraction of the revenue, asset value and
income, contrary to the statements Universal Travel made to
investors about the acquired companies. On March 29, 2011
the Company announced that it would postpone its earnings
announcement for the fiscal year ended December 31, 2010.
On April 12, 2011 trading in the Company's stock was
halted. On April 14, 2011, the Company filed an 8-K with the
SEC announcing that the Company's auditor had
resigned. According to the 8-K, the auditors believed that the
Company and/or its Audit Committee was "being non-responsive,
unwilling or reluctant to proceed in good faith and imposing scope
limitations on [the auditors'] audit procedures." The auditors
also noted that they "had lost confidence in the Board of
Directors' and the Audit Committee commitment to sound corporate
governance and reliable financial reporting."
If you wish to serve as lead plaintiff, you must move the Court
no later than June 15, 2011. A lead plaintiff is a
representative party acting on behalf of other class members in
directing the litigation. If you wish to join the litigation,
or to discuss your rights or interests regarding this class action,
please contact Laurence Rosen, Esq. or Phillip Kim, Esq. of The
Rosen Law Firm, toll-free, at 866-767-3653, or via e-mail at
lrosen@rosenlegal.com or pkim@rosenlegal.com. You may also
visit the firm's website at http://www.rosenlegal.com.
The Rosen Law Firm represents investors throughout the globe,
concentrating its practice in securities class actions and
shareholder derivative litigation.
Attorney Advertising. Prior results do not guarantee a
similar outcome.
CONTACT: Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm P.A.
275 Madison Avenue, 34th Floor
New York, New York 10016
Tel: (212) 686-1060
Weekends Tel: (917) 797-4425
Toll Free: 1-866-767-3653
Fax: (212) 202-3827
lrosen@rosenlegal.com
pkim@rosenlegal.com
www.rosenlegal.com
Universal Travel Grp. (NYSE:UTA)
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