NEW YORK, Dec. 6, 2012 (GLOBE NEWSWIRE) -- Pomerantz Grossman Hufford Dahlstrom & Gross LLP is investigating claims on behalf of investors of Universal Technical Institute, Inc. ("UTI" or the "Company") who purchased UTI common stock between February 3, 2009 and November 28, 2012 (the "Class Period"). Such investors are advised to contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888-476-6529, ext. 237.
The investigation concerns whether UTI and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
Universal Technical Institute, Inc. engages in the provision of postsecondary education for students seeking careers as professional automotive, diesel, collision repair, motorcycle, and marine technicians in the United States.
On November 28, 2012 UTI disclosed in its 10-K that in September it received a Civil Investigative Demand from the Attorney General of Massachusetts relating to the pending investigation regarding a false claims allegation, related to student loans, guarantees, and grants. The investigation relates specifically to allegations that the Company caused false claims to be submitted to the Commonwealth relating to student loans, guarantees and grants provided to students at the Company's Norwood, Massachusetts campus.
On this news, shares of UTI fell $3.44 or 28% to close at $8.80 on November 28, 2012, on heavy trading volume.
The Pomerantz Firm, with offices in New York, Chicago, and San Diego, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.