Glancy Binkow & Goldberg LLP, Representing Investors Who Purchased Universal Travel Group, Inc., Announces Class Action Lawsu...
26 Avril 2011 - 3:47AM
Business Wire
Notice is hereby given that Glancy Binkow & Goldberg LLP has
filed a class action lawsuit in the United States District Court
for the Central District of California on behalf of a class
consisting of all persons or entities who purchased the securities
of Universal Travel Group, Inc. (“Universal Travel Group” or the
“Company”) (NYSE:UTA), between January 19, 2010 and April 12, 2011,
inclusive (the “Class Period”).
A copy of the Complaint is available from the court or from
Glancy Binkow & Goldberg LLP. Please contact us by phone to
discuss this action or to obtain a copy of the Complaint at (310)
201-9150 or Toll Free at (888) 773-9224, by email at
shareholders@glancylaw.com, or visit our website at
http://www.glancylaw.com.
Universal Travel Group is a China-based travel services
provider, focusing on the domestic tourism market and offering
packaged tours, air ticketing, and hotel reservation services.
Throughout 2010, the Company made several acquisitions, including
travel agencies and travel services companies. The Complaint
alleges that throughout the Class Period defendants made false
and/or misleading statements and/or failed to disclose that: (1)
the pre-acquisition net income and revenue of certain companies
Universal Travel Group acquired was less than the Company
represented; (2) there was a lack of evidence supporting certain
tour package contracts and related cash payments; (3) the Company's
financial statements were misstated; (4) the Company lacked
adequate internal and financial controls; and (5), as a result, the
Company’s statements were materially false and misleading at all
relevant times.
On March 8, 2011, a research report was published on the
Internet alleging that the net income and revenue of certain
companies Universal Travel Group had acquired in 2010 were far less
than the Company had represented in its public flings.
On March 29, 2011, the Company unexpectedly postponed a
conference call to discuss its financial results for the 2010
fiscal year. Subsequently, on or around April 11, 2011, trading of
the Company’s shares was halted.
Plaintiff seeks to recover damages on behalf of class members
and is represented by Glancy Binkow & Goldberg LLP, a law firm
with significant experience in prosecuting class actions, and
substantial expertise in actions involving corporate fraud.
If you are a member of the class described above, you may move
the Court, no later than June 15, 2011, to serve as lead plaintiff;
however, you must meet certain legal requirements. If you wish to
discuss this action or have any questions concerning this Notice or
your rights or interests with respect to these matters, please
contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg
LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California
90067, by telephone at (310) 201-9150 or Toll Free at (888)
773-9224, by e-mail to shareholders@glancylaw.com, or visit our
website at http://www.glancylaw.com.
Universal Travel Grp. (NYSE:UTA)
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