Securities class action litigation has been filed on behalf of investors in the securities Ubiquiti Inc. (“Ubiquiti” or the “Company”) (NYSE: UI). If you purchased or otherwise acquired Ubiquiti securities between January 11, 2021 and March 30, 2021, inclusive (the “Class Period”), you may move the court for appointment as lead plaintiff by no later than July 19, 2021.
You may retain Lieff Cabraser Heimann & Bernstein, LLP, or other attorneys, as your counsel in the action. Recognized by the National Law Journal as one of the nation’s top plaintiffs’ law firms, Lieff Cabraser is committed to safeguarding the rights of investors and upholding the integrity of the market. We have significant experience and a successful track record of representing institutional and individual investors in securities and financial fraud litigation.
Ubiquiti investors who wish to learn more about the litigation and how to seek appointment as lead plaintiff should use the form below or contact Sharon M. Lee of Lieff Cabraser toll-free at 1-800-541-7358.
Background on the Ubiquiti Securities Class Litigation
Ubiquiti, headquartered in New York, New York, manufactures and sells wireless data communication and wired products for enterprises and homes.
The action alleges that, throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company minimized the severity of its data breach in January 2021; (2) hackers had obtained full access to Ubiquiti’s servers and also obtained access to, among other things, all databases, user database credentials, and secrets required to forge single sign-on (SSO) cookies; (3) as a result of the data breach, attackers could remotely access Ubiquiti’s customers’ devices; and (4) as a result of the foregoing, defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
On March 30, 2021, following the close of the market, cybersecurity news website Krebs on Security (“Krebs”) reported that Ubiquiti had understated the scale of its data breach, which began in December 2020, and that the Company’s statement on the breach “downplayed and [was] purposefully written to imply that a 3rd party cloud vendor was at risk and that Ubiquiti was merely a casualty of that, instead of the target of the attack.” According to the Krebs report, a Ubiquiti security professional noted that the Company had been aware for months that attackers had “administrative access to all Ubiquiti AWS accounts, including . . . all user database credentials, and secrets required to forge single sign-on (SSO) cookies.” On this news, the Company’s stock price fell $50.70, or 14.5%, from its closing price of $349.00 on March 30, 2021, to close at $298.30 per share on March 31, 2021, on unusually heavy trading volume.
On April 4, 2021, Krebs published another article, highlighting that Ubiquiti continued to “confirm and reinforce th[e] claims” from the March 30, 2021 article.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, Nashville, and Munich, is an internationally-recognized law firm committed to advancing the rights of investors and promoting corporate responsibility. Recognized as a “Plaintiffs’ Powerhouse” by Law360, Lieff Cabraser has litigated some of the most important civil cases in the United States and has assisted clients in recovering over $124 billion in verdicts and settlements. Benchmark Litigation named Lieff Cabraser its “2020 California Plaintiff Firm of the Year,” and in early 2021, The American Lawyer named our firm its “Boutique Litigation Firm of the Year.” Lieff Cabraser is committed to access to justice for all.