LOS ANGELES, June 13, 2011 (GLOBE NEWSWIRE) -- Glancy Binkow & Goldberg LLP announces that all persons or entities who purchased or otherwise acquired the securities of Universal Travel Group, Inc. ("Universal Travel Group" or the "Company") (NYSE:UTA), between January 19, 2010 and April 12, 2011, inclusive (the "Class Period"), have 2 days remaining until the June 15, 2011 deadline to move the Court to serve as Lead Plaintiff in the securities fraud class action lawsuit. The class action lawsuit is pending in the United States District Court for the Central District of California.
A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or to obtain a copy of the Complaint at (310) 201‑9150 or Toll Free at (888) 773‑9224, by email to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com.
Universal Travel Group is a China-based travel services provider, focusing on the domestic tourism market and offering packaged tours, air ticketing, and hotel reservation services. Throughout 2010, the Company made several acquisitions, including travel agencies and travel services companies. The Complaint alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) the pre-acquisition net income and revenue of certain companies Universal Travel Group acquired was less than the Company represented; (2) there was a lack of evidence supporting certain tour package contracts and related cash payments: (3) the Company's financial statements were misstated; (4) the Company lacked adequate internal and financial controls; and (5), as a result, the Company's statements were materially false and misleading at all relevant times.
On March 8, 2011, a research report was published on the Internet alleging that the net income and revenue of certain companies Universal Travel Group had acquired in 2010 were far less than the Company had represented in its public filings.
On March 29, 2011, the Company unexpectedly postponed a conference call to discuss its financial results for the 2010 fiscal year. Subsequently, on or around April 11, 2011, trading of the Company's shares was halted.
Any person or group who suffered a loss as a result of purchasing Universal Travel Group securities between January 19, 2010 and April 12, 2011, may ask the Court to be appointed as Lead Plaintiff, but must file a motion no later than the June 15, 2011 deadline.
Glancy Binkow & Goldberg LLP is a law firm with significant experience in prosecuting class actions, substantial expertise in actions involving corporate fraud, and is representing Universal Travel Group shareholders in this litigation.
If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201‑9150, Toll Free at (888) 773‑9224, by e‑mail to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com.