NEW YORK, Nov. 13, 2017 /PRNewswire/ -- Bernstein
Liebhard LLP today announced that only eleven days remain to file a
motion for lead plaintiff in a class action pending against
Ubiquiti Networks, Inc. ("Ubiquiti" or the "Company") (NASDAQ:
UBNT). The case, which is pending in the United States
District Court for the Southern District of New York, alleges claims on behalf of a class
(the "Class") consisting of all persons or entities who purchased
the securities of Ubiquiti during the period between September 28, 2012 and September 18, 2017 (the "Class Period").
The complaint alleges that Defendants violated Sections 10(b) and
20(a) of the Securities Exchange Act of 1934.
Ubiquiti develops technology platforms for, among other things,
high-capacity distributed Internet access and next-generation
consumer electronics for home and personal use.
Significantly, Ubiquiti does not employ a traditional sales
force. Instead, it purports to "drive[] brand awareness
largely through the company's user community where customers can
interface directly with R&D, marketing, and support."
Ubiquiti calls this user community the "Ubiquiti Community."
The Complaint alleges that throughout the Class Period,
Defendants misled investors about the size of the Ubiquiti
Community and the Company's publicly reported accounts
receivable.
On September 18, 2017, Citron
Research issued a detailed report alleging that Ubiquiti has been
deceiving investors and misrepresenting the size of the Ubiquiti
Community and accounts receivable levels. On this news,
Ubiquiti's share price fell nearly 8% to close at $50.62 on September 18,
2017.
Plaintiffs seek to recover damages on behalf of all Class
members who invested in Ubiquiti securities during the Class
Period. If you invested in Ubiquiti securities as described
above, and lost money on the transactions, you may wish to join in
this action to serve as lead plaintiff. In order to do so,
you must meet certain requirements set forth in the applicable law
and file appropriate papers no later than November 24, 2017.
A "lead plaintiff" is a representative party that acts on behalf
of other class members in directing the litigation. In order
to be appointed lead plaintiff, the court must determine that the
class member's claim is typical of the claims of other class
members, and that the class member will adequately represent the
class. Under certain circumstances, one or more class members
may together serve as lead plaintiff. Your ability to share
in any recovery is not, however, affected by the decision whether
or not to serve as a lead plaintiff. You may retain Bernstein
Liebhard LLP, or other counsel of your choice, to serve as your
counsel in this action.
If you are interested in discussing your rights as a Ubiquiti
investor and/or have information relating to the matter, please
contact Joseph R. Seidman, Jr. at
(877) 779-1414 or seidman@bernlieb.com.
Bernstein Liebhard LLP has pursued hundreds of securities,
consumer and shareholder rights cases and recovered over
$3.5 billion for its clients.
The Firm has been named to the National Law Journal's "Plaintiffs'
Hot List" thirteen times.
You can obtain a copy of the complaint from the clerk of the
court for the United States District Court for the Southern
District of New York.
Bernstein Liebhard LLP
10 East 40th Street
New York, New York 10016
(877) 779-1414
www.bernlieb.com
ATTORNEY ADVERTISING. © 2017 Bernstein Liebhard LLP. The law
firm responsible for this advertisement is Bernstein Liebhard LLP,
10 East 40th Street, New York, New
York 10016, (212) 779-1414. The lawyer responsible for this
advertisement in the State of
Connecticut is Michael S. Bigin. Prior results do not
guarantee or predict a similar outcome with respect to any future
matter.
Contact Information
Joseph R. Seidman, Jr.
Bernstein Liebhard LLP
http://www.bernlieb.com
(212) 779-1414
seidman@bernlieb.com
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