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 May 9, 2013 and February 20, 2018 (the “Class Period”). Investors have until April 23, 2018 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
On February 20, 2018, Ubiquiti announced that on February 13, 2018, the SEC had issued subpoenas to Ubiquiti and certain of the Company’s officers requesting documents and information relating to a range of topics, including metrics relating to the Ubiquiti Community, accounting practices, financial information, auditors, international trade practices, and relationships with distributors and various other third parties.
Following this news, shares of Ubiquiti fell $18.76, or over 25%, to close at $55.28 on February 20, 2018.
The complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose information pertaining to a range of topics, including 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 and suffered a loss, 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 firstname.lastname@example.org, 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, Inc. lawsuit, please go to http://www.bespc.com/ubiquiti. For additional information about Bragar Eagel & Squire, P.C., please go to www.bespc.com.