NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all persons or entities who purchased or otherwise acquired Ubiquiti Networks, Inc. (NASDAQ:UBNT) securities between September 28, 2012 and September 18, 2017 (the “Class Period”). Investors have until November 24, 2017 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
On September 18, 2017, Citron Research published a report that claimed to “detail how Ubiquiti Networks is deceiving the investing public.” The report noted several “red flags” that allegedly indicate fraudulent behavior on the behalf of Ubiquiti executives. Following this news, shares of Ubiquiti fell $4.33 per share, or nearly 8%, to close at $50.62 per share on September 18, 2017.
The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose 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.
If you purchased or otherwise acquired Ubiquiti securities during the Class Period and suffered a loss or continue to hold shares purchased prior to the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information concerning the Ubiquiti Networks lawsuit, please go to http://www.bespc.com/ubiquiti. For additional information about Bragar Eagel & Squire, P.C., please go to www.bespc.com.
