PHILADELPHIA--(BUSINESS WIRE)--The law firm of Spector, Roseman & Kodroff, P.C. announces that a securities class action lawsuit has been filed on behalf of investors who purchased Ubiquiti Networks, Inc. (NASDAQ:UBNT) securities between September 28, 2012 and September 18, 2017, inclusive (the “Class Period”).
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations and prospects. Specifically, 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) 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 entitled “Citron Exposes Ubiquiti Networks,” in which Citron detailed a series of “alarming red flags,” indicating that the Company has been deceiving investors and is engaged in “corporate fraud,” including, among other things, that the Company has misrepresented the size of its “Ubiquiti Community,” as well as its levels of accounts receivable.
Following this news, Ubiquiti’s stock dropped nearly 8% to close at $50.62 per share on September 18, 2017.
If you purchased Ubiquiti securities during the Class Period, you may, no later than November 27, 2017, move to be appointed as a Lead Plaintiff in this class action. A Lead Plaintiff is a representative chosen by the Court that acts on behalf of other class members in directing the litigation.
If you have sustained substantial losses in Ubiquiti securities during the Class Period and wish to move to be appointed as Lead Plaintiff, please contact Spector, Roseman & Kodroff, P.C. at firstname.lastname@example.org. If you have relatively small losses, your ability to participate in any recovery will be protected by the Lead Plaintiff(s), and you need take no affirmative steps at this time.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please call us toll-free at 888-844-5862 or via e-mail at email@example.com. For more detailed information about the firm please visit its website at http://www.srkattorneys.com.
Spector, Roseman & Kodroff, P.C., located in Philadelphia, Pennsylvania, concentrates its practice in complex litigation including actions dealing with securities laws, antitrust, contract, and commercial claims. The firm is active in major litigation pending in federal and state courts throughout the United States. The firm’s reputation for excellence has been recognized on repeated occasions by courts which have appointed the firm as lead counsel in numerous major class actions involving violations of the federal securities laws and the federal antitrust laws. As a result of the efforts of the firm, and its members, hundreds of millions of dollars have been recovered through judgments and settlements on behalf of thousands of defrauded shareholders and companies.