Law Offices of Howard G. Smith, Representing Investors of Universal Travel Group, Inc., Announces Class Action Lawsuit
12 Mayo 2011 - 8:45PM
Business Wire
Law Offices of Howard G. Smith, representing investors of
Universal Travel Group, Inc. (“Universal Travel Group” or the
“Company”) (NYSE:UTA), has filed a class action lawsuit in the
United States District Court for the Central District of California
on behalf of a class (the “Class”) consisting of all persons or
entities who purchased the securities of Universal Travel Group,
between January 19, 2010 and April 12, 2011, inclusive (the “Class
Period”).
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.
No class has yet been certified in the above action. Until a
class is certified, you are not represented by counsel unless you
retain one. If you purchased Universal Travel Group securities
between January 19, 2010 and April 12, 2011, you have until June
15, 2011, to move for lead plaintiff status. To be a member of the
class you need not take any action at this time, and you may retain
counsel of your choice. 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 Howard G. Smith,
Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike,
Suite 112, Bensalem, Pennsylvania 19020, by telephone at
(215)638-4847, Toll-Free at (888)638-4847, by email to
howardsmith@howardsmithlaw.com or visit our website at
http://www.howardsmithlaw.com.
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