BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith 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 April 23, 2018 to file a lead plaintiff motion.
Investors suffering losses on their Ubiquiti investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to firstname.lastname@example.org.
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, Ubiquiti’s share price fell $18.76, or more than 25%, to close at $55.28 per share 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.
If you purchased shares of Ubiquiti, have information or 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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to email@example.com, or visit our website at www.howardsmithlaw.com.
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