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The Rosen Law Firm Representing Investors in Securities Class Action Charging Universal Travel Group, Inc. With Securities Fraud-- UTA

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The Rosen Law Firm Representing Investors in Securities Class Action Charging Universal Travel Group, Inc. With Securities Fraud-- UTA Powered By Docstoc
					The Rosen Law Firm Representing Investors in
Securities Class Action Charging Universal Travel
Group, Inc. With Securities Fraud-- UTA
April 16, 2011 12:07 AM Eastern Daylight Time 

NEW YORK--(EON: Enhanced Online News)--The Rosen Law Firm, P.A. today announced that it has filed a
class action lawsuit on behalf of investors who purchased the securities of Universal Travel Group, Inc.
(NYSE:UTA) during the period from January 19, 2010 to April 12, 2011, and is seeking to recover investors’ 
damages from violations of federal securities laws.

To join the Universal Travel class action, visit the Rosen Law Firm’s website at http://www.rosenlegal.com, or call
Laurence Rosen, Esq. or Phillip Kim, Esq., toll-free, at 866-767-3653; you may also email lrosen@rosenlegal.com
or pkim@rosenlegal.com for information on the class action. The case is pending in the U.S. District Court of New
Jersey.

NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED,
YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY CHOOSE TO
DO NOTHING AT THIS POINT AND REMAIN AN ABSENT CLASS MEMBER.

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’s internal controls. As a result, the Complaint alleges
that the Company’s 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’s online travel business, cash balances,
and the Company’s 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.

On April 12, 2011 trading in the Company’s stock was halted. On April 14, 2011, the Company filed an 8-K with
the SEC announcing that the Company’s auditor had resigned. According to the 8-K, the auditors believed that the
Company and/or its Audit Committee was “being non-responsive, unwilling or reluctant to proceed in good faith and
imposing scope limitations on [the auditors’] audit procedures.” The auditors also noted that they “had lost
confidence in the Board of Directors’ and the Audit Committee commitment to sound corporate governance and
reliable financial reporting.” 

If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. A lead plaintiff is a
representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation,
or to discuss your rights or interests regarding this class action, please contact Laurence Rosen, Esq. or Phillip Kim,
Esq. of The Rosen Law Firm, toll-free, at 866-767-3653, or via e-mail at lrosen@rosenlegal.com or
pkim@rosenlegal.com. You may also visit the firm’s website at http://www.rosenlegal.com.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions
and shareholder derivative litigation.

Contacts
The Rosen Law Firm P.A.
Laurence Rosen, Esq., 212-686-1060
lrosen@rosenlegal.com
Phillip Kim, Esq., 212-686-1060
pkim@rosenlegal.com
Weekends Tel: 917-797-4425
Toll Free: 1-866-767-3653
Fax: 212-202-3827
275 Madison Avenue, 34th Floor
New York, New York 10016
www.rosenlegal.com

				
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