SAN FRANCISCO--(BUSINESS WIRE)--The law firm of 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 Inc. (“Ubiquiti” or the “Company”) (NYSE: UI) between January 11, 2021 and March 30, 2021, inclusive (the “Class Period”).
If you purchased or otherwise acquired Ubiquiti securities during the Class Period, you may move the Court for appointment as lead plaintiff by no later than July 19, 2021. 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 action.
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, headquartered in New York, New York, manufactures and sells wireless data communication and wired products for enterprises and homes.
The action alleges that, throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company minimized the severity of its data breach in January 2021; (2) hackers had obtained full access to Ubiquiti’s servers and also obtained access to, among other things, all databases, user database credentials, and secrets required to forge single sign-on (SSO) cookies; (3) as a result of the data breach, attackers could remotely access Ubiquiti’s customers’ devices; and (4) as a result of the foregoing, defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
On March 30, 2021, following the close of the market, cybersecurity news website Krebs on Security (“Krebs”) reported that Ubiquiti had understated the scale of its data breach, which began in December 2020, and that the Company’s statement on the breach “downplayed and [was] purposefully written to imply that a 3rd party cloud vendor was at risk and that Ubiquiti was merely a casualty of that, instead of the target of the attack.” According to the Krebs report, a Ubiquiti security professional noted that the Company had been aware for months that attackers had “administrative access to all Ubiquiti AWS accounts, including . . . all user database credentials, and secrets required to forge single sign-on (SSO) cookies.” On this news, the Company’s stock price fell $50.70, or 14.5%, from its closing price of $349.00 on March 30, 2021, to close at $298.30 per share on March 31, 2021, on unusually heavy trading volume.
On April 4, 2021, Krebs published another article, highlighting that Ubiquiti continued to “confirm and reinforce th[e] claims” from the March 30, 2021 article.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, Nashville, and Munich, is an internationally-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.” Benchmark Litigation has 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 https://www.lieffcabraser.com/.
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