LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) announces that a class action lawsuit has been filed on behalf of investors that purchased Ubiquiti Networks, Inc. (“Ubiquiti” or the “Company”) (NASDAQ: UBNT) securities between May 9, 2013 and February 20, 2018, inclusive (the “Class Period”). Ubiquiti investors have until April 23, 2018 to file a lead plaintiff motion. To obtain information or actively 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 February 20, 2018, Ubiquiti revealed that it had received a subpoena from the Securities and Exchange Commission “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.” On this news, shares of Ubiquiti dropped $18.76, or over 25%, to close at $55.28 on February 20, 2018, thereby injuring investors.
The complaint filed in this class action alleges that Ubiquiti and certain of its executive officers made a series of false and misleading statements to investors 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.
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If you purchased shares of Ubiquiti during the Class Period you may move the Court no later than April 23, 2018 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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