| Company: | Universal Travel Group Inc, |
| Ticker Symbol: | UTA |
| Class Period: | Jan-19-10 to Apr-12-11 |
| Date Filed: | Apr-16-11 |
| Lead Plaintiff Deadline: | Jun-15-11 |
| Court: | District Court of New Jersey |
| Allegations: | |
The Complaint asserts violations of the federal securities laws against Universal Travel and its officers and directors for issuing false and misleading information to investors about the financial and business condition of the Company. The Complaint alleges that the Universal Travel misstated (a) the nature and quality of the companies it acquired during the Class Period; and (b) the adequacy of the Company' internal controls. As a result, the Complaint alleges that the Company' periodic reports filed with the SEC and public statements were materially false and misleading.
On March 8, 2011 a firm called Glaucus Research Group issued a report (the "Report") setting forth numerous red flags of fraud, ranging from alleged misstatements concerning the Company' online travel business, cash balances, and the Company' purported relationship with a large on-line travel company.
The Report also revealed that the financial statements of the companies Universal Travel 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 made to investors about the acquired companies. On March 29, 2011 the Company announced that it would postpone its earnings announcement for the fiscal year ended December 31, 2010.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
