NEW ORLEANS, March 17, 2014 (GLOBE NEWSWIRE) -- Kahn Swick & Foti, LLC ("KSF") and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until May 16, 2014 to file lead plaintiff applications in a securities class action lawsuit against UTi Worldwide Inc. (Nasdaq:UTIW), if they purchased the Company's securities during the period between December 5, 2013 and February 25, 2014, inclusive (the "Class Period"). This action is pending in the United States District Court for the Central District of California.
What You May Do
If you purchased shares of UTi and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, call toll-free at 1-877-515-1850, or email KSF Managing Partner Lewis Kahn (lewis.kahn@ksfcounsel.com) or KSF Partner Melinda Nicholson (melinda.nicholson@ksfcounsel.com). If you wish to serve as a lead plaintiff in this class action, you must petition the Court by May 16, 2014.
About the Lawsuit
UTi and certain of its executives are charged with issuing a series of materially false and misleading statements during the Class Period, violating federal securities laws.
These false statements and omissions included, in part, that: (i) UTI was rapidly depleting its lines of credit because of problems experienced with the rollout of its new freight forwarding operating and global financial systems; and (ii) UTi's liquidity problems were so severe that UTi was forced to engage in a heavily dilutive recapitalization plan to secure emergency financing.
On February 26, 2014, UTi announced it had breached certain debt covenants and was in danger of defaulting unless it carries out a recapitalization plan. On this news, the price of UTi's shares plummeted by approximately 30%.
About Kahn Swick & Foti, LLC
To learn more about KSF, whose partners include the Former Louisiana Attorney General, Charles C. Foti, Jr., and other lawyers with significant experience litigating complex securities class actions nationwide on behalf of both institutional and individual shareholders, you may visit www.ksfcounsel.com.