RADNOR, Pa.--(BUSINESS WIRE)--The law firm of Kessler Topaz Meltzer & Check, LLP reminds Ubiquiti Networks, Inc. (Nasdaq: UBNT) (“Ubiquiti” or the “Company”) shareholders that a class action lawsuit has been filed on behalf of purchasers of the Company’s securities between May 9, 2013 and February 20, 2018, inclusive (the “Class Period”).
REMINDER: Ubiquiti shareholders who purchased securities during the Class Period may, no later than April 23, 2018, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this action please visit https://www.ktmc.com/new-cases/ubiquiti-networks-inc-2018#join.
Shareholders who wish to discuss this action and their legal options are encouraged to contact Kessler Topaz Meltzer & Check, LLP (Darren J. Check, Esq., D. Seamus Kaskela, Esq. or Adrienne Bell, Esq.) at (888) 299-7706 or at firstname.lastname@example.org.
Ubiquiti offers a portfolio of wireless networking products and solutions. The Company does not employ a traditional sales force, “but instead drives brand awareness largely through the company’s ‘user community’ where customers can interface directly with R&D, marketing, and support.”
The shareholder class action complaint alleges that Ubiquiti and certain of its executive officers made a series of false and misleading statements to investors during the Class Period and failed to disclose: (i) that the size of the Company’s purported user community was drastically overstated; (ii) that the Company 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 February 20, 2018, Ubiquiti disclosed that, “[o]n February 13, 2018, the Securities and Exchange Commission (the ‘SEC’) issued subpoenas to Ubiquiti Networks, Inc. (the ‘Company’) 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 the Company’s stock declined $18.76 per share, or over 25%, to close on February 20, 2018 at $55.28 per share, on heavy trading volume.
Investors who purchased Ubiquiti securities during the Class Period (May 9, 2013 – February 20, 2018) may, no later than April 23, 2018, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be appointed as a lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class in the action. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check. For more information about Kessler Topaz Meltzer & Check, please visit www.ktmc.com.