Securities fraud class action litigation has been filed on behalf of investors in the publicly traded securities of Ubiquiti Networks, Inc. (‘Ubiquiti” or the “Company”) (Nasdaq: UBNT). If you purchased or otherwise acquired the publicly traded securities of Ubiquiti Networks, Inc. between May 9, 2013 and February 20, 2018, inclusive (the “Class Period”), you may move the court for appointment as lead plaintiff by no later than April 23, 2018.
You may retain Lieff Cabraser Heimann & Bernstein, LLP, or other attorneys, as your counsel in the actions. 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 may choose to have Lieff Cabraser review their claim by completing the contact form below. You can also call Sharon M. Lee of Lieff Cabraser at 1-800-541-7358 to discuss the litigation.
Background on the Ubiquiti Securities Class Litigation
Ubiquiti develops technology platforms for high-capacity distributed Internet access, unified information technology, and next-generation consumer electronics for home and personal use. The Company purports to “drive brand awareness largely through the company’s user community where customers can interface directly with Research & Development, marketing, and support.” The Company calls this user community the “Ubiquiti Community.”
The action alleges that defendants made false and/or misleading statements and/or failed to disclose, among other things, that (i) the number of the Company’s purported user community was drastically overstated; (ii) that it had exaggerated its publicly reported accounts receivable; and (iii) that as a result of the foregoing, Ubiquiti’s publicly disseminated financial statements were materially false and misleading.
On September 18, 2017 Citron Research issued a report detailing a series of “alarming red flags,” indicating that the Company had been deceiving investors and was engaged in “corporate fraud,” including, among other things, that the Company had misrepresented the size of its purported “Ubiquiti Community.”
On February 20, 2018, Ubiquiti announced that the Securities and Exchange Commission had issued subpoenas to the Company and certain of its officers. On this news, Ubiquiti’s share price fell 25.34%, or $18.76, from the closing price of $74.04 on February 16, 2018, to close at $55.28 per share on February 20, 2018, on highly elevated trading volume.
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The National Law Journal has recognized Lieff Cabraser as one of the nation’s top plaintiffs’ law firms for fourteen years. In compiling the list, the National Law Journal examines recent verdicts and settlements and looked for firms “representing the best qualities of the plaintiffs’ bar and that demonstrated unusual dedication and creativity.” Law360 has selected Lieff Cabraser as one of the Top 50 law firms nationwide for litigation, highlighting our firm’s “laser focus” and noting that our firm routinely finds itself “facing off against some of the largest and strongest defense law firms in the world.” In late 2016, Benchmark Litigation named Lieff Cabraser one of the “Top 10 Plaintiffs’ Firms in America.”