NEW YORK--(BUSINESS WIRE)--WHY: Rosen Law Firm, a global investor rights law firm, announces it is investigating potential securities claims on behalf of shareholders of Ubiquiti Inc. (NYSE: UI) resulting from allegations that Ubiquiti may have issued materially misleading business information to the investing public.
SO WHAT: If you purchased Ubiquiti securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law firm is preparing a class action seeking recovery of investor losses.
WHAT TO DO NEXT: To join the prospective class action, go to http://www.rosenlegal.com/cases-register-2069.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email firstname.lastname@example.org or email@example.com for information on the class action.
WHAT IS THIS ABOUT: On January 11, 2021, Ubiquiti disclosed that a breach involving a third-party cloud provider had exposed customer account credentials. On this news, Ubiquiti’s share price fell $13.69 per share, or 5%, over the next two trading days, damaging investors.
Then on March 30, 2021, the Krebs on Security posted an article entitled “Whistleblower: Ubiquiti Breach ‘Catastrophic’” stating that “[n]ow a source who participated in the response to that breach alleges Ubiquiti massively downplayed a ‘catastrophic’ incident to minimize the hit to its stock price, and that the third-party cloud provider claim was a fabrication.” Further, the article quoted a letter from the source to the European Data Protection Supervisor stating “[i]t was catastrophically worse than reported, and legal silenced and overruled efforts to decisively protect customers” and “[t]he breach was massive, customer data was at risk, access to customers’ devices deployed in corporations and homes around the world was at risk.”
On this news, Ubiquiti’s share price fell sharply during intraday trading on March 30, 2021, damaging investors.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience or resources. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020 founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.
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