An investigation on behalf of current long term investors in shares of Universal Technical Institute, Inc. (NYSE:UTI) over potential breaches of fiduciary duty was initiated and NYSE:UTI stockholders should contact the Shareholders Foundation at mail@shareholdersfoundation.com
San Diego, CA -- (SBWIRE) -- 12/04/2012 -- An investigation on behalf of current long term investors in shares of Universal Technical Institute, Inc. (NYSE:UTI) was announced concerning potential violations of federal securities laws.
Investors who are current long-term stockholders of shares of Universal Technical Institute, Inc. (NYSE:UTI), have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1 (858) 779 - 1554.
The investigation by a law firm concerns whether certain Universal Technical Institute officers and directors have possibly breached their fiduciary duties and whether Universal Technical Institute, Inc. potentially violated compensation laws.
Universal Technical Institute, Inc. (NYSE:UTI) disclosed that the United States Department of Justice has notified the Universal Technical Institute Inc that they are the subject of a preliminary investigation concerning Federal False Claims Act claims. A former employee alleges that Universal Technical Institute’s compensation of its enrollment counselors violated the “incentive compensation ban” of Title IV of the Higher Education Act, amongst other potential violations allegedly occurring over a number of years. Universal Technical Institute, Inc. said that the same former employee also filed a complaint with the Occupational Safety and Health Administration of the U.S. Department of Labor (DOL) alleging retaliatory employment practices in violation of the whistleblower provisions of the Sarbanes-Oxley Act of 2002.
Shares of Universal Technical Institute, Inc. (NYSE:UTI) dropped from $12.20 on Nov. 27, 2012 to as low as $8.691 per share on Nov. 28, 2012.
On December 3, 2012, NYSE:UTI shares closed at $9.57 per share.
Those who are current long-term stockholders of shares of Universal Technical Institute, Inc. (NYSE:UTI), have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com