BENSALEM, Pa., Dec. 22, 2012 (GLOBE NEWSWIRE) -- Law Offices of Howard G. Smith announces that it is investigating potential claims against Universal Technical Institute, Inc. ("UTI" or the "Company") concerning possible violations of federal securities laws.
UTI provides postsecondary education -- including undergraduate degree, diploma and certificate programs for students seeking careers as professional automotive, diesel, collision repair, motorcycle and marine technicians -- through its campuses in the United States. The investigation is related to allegations that certain statements issued by UTI were false and misleading concerning the Company's business and operations.
Specifically, the investigation is focused on the Company's disclosure in its Form 10-K, filed November 28, 2012 with the Securities and Exchange Commission, that in September 2012 UTI received a Civil Investigative Demand from the Attorney General of the Commonwealth of Massachusetts related to a pending investigation in connection with allegations that the Company caused false claims to be submitted to the Commonwealth relating to student loans, guarantees and grants provided to students at UTI's Norwood, Massachusetts, campus.
According the Company, the Civil Investigative Demand required UTI to produce documents and provide written testimony concerning a broad range of its business since September 2006 to the present. The Form 10-K further disclosed that in October 2012, the Accrediting Commission of Career Schools and Colleges requested certain documentation related to a preliminary investigation by the United States Department of Justice concerning claims pursuant to the Federal False Claims Act and that the Company was not able to provide the information requested.
If you purchased UTI securities, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement 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, or by email to howardsmith@howardsmithlaw.com, or visit our website at http://www.howardsmithlaw.com.