SAN DIEGO, Sept. 19, 2017 /PRNewswire/ -- Shareholder
Rights Law Firm Johnson Fistel, LLP is investigating potential
violations of the federal securities laws by Ubiquiti Networks,
Inc. (NASDAQ: UBNT) ("Ubiquiti") and certain of its officers.
Ubiquiti develops networking technology for service providers,
enterprises, and consumers worldwide.
On September 18, 2017, before the
opening of trading, Andrew Left,
managing editor of Citron Research ("Citron")
published a report entitled "Citron Exposes Ubiquity Networks,"
wherein Left detailed a series of alarming "red flags" suggesting
that the Company was a "total fraud." Specifically,
Citron represents that Ubiquiti has: overstated the number
of its actual registered users; concealed that much of Ubiquiti's
distributor network is comprised of overseas entities and
individuals, and doing business in sanctioned countries and
jurisdictions notorious for money laundering; overstated the
profits derived from the Company's U.S. operations, and thus its
U.S. operations profit margins; has had extremely unusually high
executive turnover, including having no Chief Financial Officer
("CFO") (other than a purported Lithuanian CFO whose LinkedIn
"profile does not even have her real name"); and revealed that
"Yu-Cheng (Believe) Lin," who had been "charged with insider
trading of Ubiquiti stock" by the SEC and had a default judgment
entered against him on or about June 19,
2017, and is "now a fugitive as Taiwan [which] does not have an extradition
treaty with the US," actually "ran Ubiquiti's Taiwan operations and had signing power for
the company in Taiwan."
Following this news, shares of Ubiquiti fell over 7% on
September 18, 2017.
If you have information that could assist in this investigation,
including past employees and others, or if you are an Ubiquiti
shareholder and are interested in learning more about the
investigation or your legal rights and remedies, please contact
Jim Baker
jimb@johnsonfistel.com) at 619-814-4471. If emailing,
please include a phone number.
About Johnson Fistel,
LLP:
Johnson Fistel, LLP is a nationally
recognized shareholder rights law firm with offices in California, New
York and Georgia. The firm
represents individual and institutional investors in shareholder
derivative and securities class action lawsuits. For more
information about the firm and its attorneys, please visit
http://www.johnsonfistel.com. Attorney advertising. Past results do
not guarantee future outcomes.
Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
jimb@johnsonfistel.com
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SOURCE Johnson Fistel, LLP