LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) announces that a class action lawsuit has been filed on behalf of investors who purchased Ubiquiti Networks, Inc. (“Ubiquiti” or the “Company”) (NASDAQ: UBNT) securities between September 28, 2012 and September 18, 2017, inclusive (the “Class Period”). Ubiquiti investors have until November 24, 2017 to file a lead plaintiff motion. To obtain information or participate in the class action, please visit the Ubiquiti page on our website at www.glancylaw.com/case/ubiquiti-networks-inc.
Investors suffering losses on their Ubiquiti investments are encouraged to contact Lesley Portnoy of GPM to discuss their legal rights in this class action at 310-201-9150 or by email to email@example.com
On September 18, 2017, Citron Research issued a report alleging that the Company misstated critical operating metrics, including net income margins, in order to conceal poor financial operating results. The report also alleges that the Company’s distribution network and corporate culture raise several red flags.
On this news, Ubiquiti's share price fell nearly 8% to close at $50.62 on September 18, 2017.
The Complaint filed in this class action alleges that throughout the Class Period, Ubiquiti made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, the Company 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.
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If you purchased shares of Ubiquiti during the Class Period you may move the Court no later than November 24, 2017 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to firstname.lastname@example.org, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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