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Universal Travel Group Investor Alert - Deadline in Lawsuit

The Shareholders Foundation announces that an investor of Universal Travel Group (NYSE:UTA) filed a lawsuit and a deadline is coming up on June 14 2011. UTA stockholders are encouraged to send an email to mail@shareholdersfoundation.com

FOR IMMEDIATE RELEASE

 
 
mail@shareholdersfoundation.com
mail@shareholdersfoundation.com
PRLog (Press Release) - May 18, 2011 - An investor in Universal Travel Group (NYSE:UTA) shares filed a lawsuit over alleged Securities Laws violations and investors with a large investment in UTA shares should act and become actively involved before the deadline that is coming up on June 14, 2011.

If you purchased shares of Universal Travel Group (Public, NYSE:UTA) between January 19, 2010 to April 12, 2011, you have certain options and there are strict and short deadlines. Deadline: June 14, 2011. Those UTA stockholders and current long term UTA investors including those who purchased UTA shares (also) prior to January 2010 and presently hold those UTA shares, should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

According to the complaint filed in the U.S. District Court of New Jersey the plaintiff alleges that Universal Travel Group and its officers and directors violated federal securities laws by issuing between January 19, 2010 to April 12, 2011 false and misleading information to investors about the financial and business condition of Universal Travel Group.

On March 8, 2011 a firm called Glaucus Research Group issued a report (setting forth numerous red flags of fraud, ranging from alleged misstatements concerning Universal Travel Group’s online travel business, cash balances, and the Company’s purported relationship with a large on-line travel company. The Glaucus Research Group Report also revealed that the financial statements of the companies Universal Travel Group 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 Group made to investors about the acquired companies.

On March 29, 2011 Universal Travel Group announced that it would postpone its earnings announcement for the fiscal year ended December 31, 2010.

Shares of Universal Travel Group (Public, NYSE:UTA) fell to under $4 per share on April 11, 2011. Then on April 12, 2011 trading in Universal Travel Group’s stock was halted.

On April 14, 2011, Universal Travel Group filed an 8-K with the SEC announcing that its auditor Windes & McClaughry Accountancy Corporation had resigned. According to the 8-K, the auditors believed that Universal Travel Group 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.”

Those who purchased shares of Universal Travel Group (Public, NYSE:UTA) between January 19, 2010 to April 12, 2011, have certain options and there are strict and short deadlines. Deadline: June 14, 2011. Those UTA stockholders and current long term UTA investors including those who purchased UTA shares (also) prior to January 2010 and presently hold those UTA shares, should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

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The Shareholders Foundation, Inc. is a professional portfolio monitoring service and an investor advocacy group. We do research related to shareholder issues and inform investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. At Shareholders Foundation, Inc. we are in contact with a large number of shareholders. We believe that together we can combine the interests of many investors, and use the size of our interest as leverage against the giant corporations. We offer help, support, and assistance for every shareholder. We help investors find answers to their questions and equitable solutions to their problems. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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Contact Email:
***@shareholdersfoundation.com Email Verified
Source:Shareholders Foundation, Inc.
Phone:+1-(858)-779-1554
Zip:92108
City/Town:San Diego - California - United States
Industry:Banking, Business, Finance
Tags:uta, Universal Travel, universal travel group, NYSE UTA, lawsuit, class action, securities lawsuit, securities class action
Shortcut:prlog.org/11496358
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