NEW ORLEANS--(BUSINESS WIRE)--Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until July 19, 2021 to file lead plaintiff applications in a securities class action lawsuit against Ubiquiti Inc. (NYSE: UI), if they purchased the Company’s shares between January 11, 2021 and March 30, 2021, inclusive (the “Class Period”). This action is pending in the United States District Court for the Southern District of New York.
What You May Do
If you purchased shares of Ubiquiti and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (firstname.lastname@example.org), or visit https://www.ksfcounsel.com/cases/nyse-ui/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by July 19, 2021.
About the Lawsuit
Ubiquiti and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On March 30, 2021, post-market, Krebs on Security reported that the Company’s January 2021 data breach was “catastrophic,” and more extensive than portrayed by the Company, wherein the attacker(s) accessed “privileged credentials that were previously stored in the LastPass account of a Ubiquiti IT employee, and gained root administrator access to all Ubiquiti AWS [Amazon Web Services] accounts, including all S3 data buckets, all application logs, all databases, all user database credentials, and secrets required to forge single sign-on (SSO) cookies.”
On this news, shares of Ubiquiti fell $50.70, or 14.5%, to close at $298.30 per share on March 31, 2021, on unusually heavy trading volume.
The case is Molder v. Ubiquiti Inc., et al., No. 1:21-cv-04520.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking to recover investment losses due to corporate fraud and malfeasance by publicly traded companies. KSF has offices in New York, California and Louisiana.
To learn more about KSF, you may visit www.ksfcounsel.com.