UniTek Global Services, Inc.
UniTek Global Services, Inc. Securities Settlement
The lawsuit was settled for $1.55 million in cash. The following is a summary of the proceedings in this lawsuit: ‘The case concerns claims brought by investors alleging that the price of UniTek common stock was artificially inflated during the Class Period as a result of alleged false and misleading statements and omissions by Defendants concerning, inter alia, UniTek true financial condition and business prospects. Beginning on April 19, 2013, three putative class action complaints were filed in the Court against UniTek and certain of the Company officers and/or directors during the relevant period. These complaints asserted claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder by the United States Securities and Exchange Commission, against Defendants. By Order dated August 2, 2013, pursuant to the Private Securities Litigation Reform Act of 1995, the Court appointed Plumbers Local No. 98 Defined Benefit Pension Fund as Lead Plaintiff and appointed Robbins Geller Rudman & Dowd LLP as lead counsel (Lead Counsel) and Kessler Topaz Meltzer & Check, LLP as liaison counsel (Liaison Counsel). By Order dated August 8, 2013, the Court entered a Stipulation and Scheduling Order reflecting that the filing of an amended complaint would take place by October 1, 2013. During the period when Lead Plaintiff was investigating and drafting the amended complaint, the Parties agreed to discuss a possible resolution of the Action through formal mediation. On October 9, 2013, following a formal mediation session under the auspices of an experienced and well-respected mediator, the Parties reached an agreement-in-principle to settle the Action for $1.55 million.’