Robbins Umeda LLP Announces an Investigation of Universal Travel Group, Inc. for Shareholders
22 Abril 2011 - 6:04PM
Business Wire
Robbins Umeda LLP, a shareholder rights litigation firm, has
commenced an investigation into possible breaches of fiduciary duty
and other violations of the law by certain officers and directors
at Universal Travel Group, Inc. (NYSE: UTA). Universal Travel
operates as a travel service provider offering air ticketing and
hotel booking services, as well as domestic and international
packaged tourism services via the internet, customer
representatives, and kiosks in the People's Republic of China.
Universal Travel was founded in 1984, is headquartered in China,
and is incorporated in Nevada.
If you invested in Universal Travel stock and would like more
information about your shareholder rights, please contact attorney
Gregory E. Del Gaizo at 800-350-6003 or via the shareholder
information form on our website.
Robbins Umeda LLP's investigation focuses on whether the
officers and directors of Universal Travel harmed the company by
issuing false and misleading statements in the company's filings
with the U.S. Securities and Exchange Commission ("SEC") concerning
its financial condition and internal controls.
On March 8, 2011, Glaucus Research Group issued a report
alleging that Universal Travel was fabricating its financial
statements filed with the SEC, and that its underlying business was
smaller than reported in its SEC filings. The report also revealed
that the financial statements filed with authorities in China
concerning the companies Universal Travel acquired in 2010 were
contrary to the statements Universal Travel made to investors about
the acquired companies. Subsequently, on March 29, 2011, Universal
Travel announced that it would postpone its earnings announcement
for the fiscal year ended December 31, 2010.
On April 12, 2011, Universal Travel's stock was halted. On April
14, 2011, Universal Travel announced that its independent auditor,
Windes & McClaughry Accountancy Corporation had resigned, due
in part to "Management and/or the Audit Committee being
non-responsive, unwilling or reluctant to proceed in good faith and
imposing scope limitations on Windes' audit procedures."
Robbins Umeda LLP represents individual and institutional
shareholders in derivative, direct, and class action lawsuits. The
Firm's skilled litigation teams include former federal prosecutors,
former defense counsel from top multinational corporate law firms,
and career shareholder rights attorneys. For more information,
please go to http://www.robbinsumeda.com.
Press release link:
http://www.robbinsumeda.com/shareholders-rights-blog/universal-travel/
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