SAN FRANCISCO--(BUSINESS WIRE)--The law firm Lieff Cabraser Heimann & Bernstein, LLP announces that class action litigation has been filed on behalf of investors who purchased or otherwise acquired the securities of Ubiquiti Networks, Inc. (“Ubiquiti” or the “Company”) (Nasdaq: UBNT) between May 9, 2013 and February 20, 2018 (the “Class Period”).
If you purchased or otherwise acquired Ubiquiti publicly traded securities during the Class Period, you may move the Court for appointment as lead plaintiff by no later than April 23, 2018. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the actions will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the actions.
Ubiquiti investors who wish to learn more about the litigation and how to seek appointment as lead plaintiff should click here or contact Sharon M. Lee of Lieff Cabraser toll-free at 1-800-541-7358.
Background on the Ubiquiti Securities Class Litigation
Ubiquiti develops technology platforms for high-capacity distributed Internet access, unified information technology, and next-generation consumer electronics for home and personal use. The Company purports to “drive brand awareness largely through the company’s user community where customers can interface directly with Research & Development, marketing, and support.” The Company calls this user community the “Ubiquiti Community.”
The action alleges that defendants made false and/or misleading statements and/or failed to disclose, among other things, 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.
On September 18, 2017 Citron Research issued a report detailing a series of “alarming red flags,” indicating that the Company had been deceiving investors and was engaged in “corporate fraud,” including, among other things, that the Company had misrepresented the size of its purported “Ubiquiti Community.”
On February 20, 2018, Ubiquiti announced that the Securities and Exchange Commission had issued subpoenas to the Company and certain of its officers. On this news, Ubiquiti’s share price fell 25.34%, or $18.76, from the closing price of $74.04 on February 16, 2018, to close at $55.28 per share on February 20, 2018, on highly elevated trading volume.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, Nashville, and Seattle, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.
The National Law Journal has recognized Lieff Cabraser as one of the nation’s top plaintiffs’ law firms for fourteen years. In compiling the list, the National Law Journal examines recent verdicts and settlements and looked for firms “representing the best qualities of the plaintiffs’ bar and that demonstrated unusual dedication and creativity.” Law360 has selected Lieff Cabraser as one of the Top 50 law firms nationwide for litigation, highlighting our firm’s “laser focus” and noting that our firm routinely finds itself “facing off against some of the largest and strongest defense law firms in the world.” In late 2016, Benchmark Litigation named Lieff Cabraser one of the “Top 10 Plaintiffs’ Firms in America.”
For more information about Lieff Cabraser and the firm’s representation of investors, please visit http://www.lieffcabraser.com.
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