UBNT INVESTORS NOTICE: Lieff Cabraser Reminds Investors of Deadline in Class Action Against Ubiquiti Networks, Inc.
April 09 2018 - 01:20PM
Business Wire
The law firm Lieff Cabraser Heimann & Bernstein, LLP reminds
investors of the upcoming deadline to move for appointment as lead
plaintiff in the class action litigation that has been filed on
behalf of investors who purchased or otherwise acquired the
securities of Ubiquiti Networks, Inc. (“Ubiquiti” or the “Company”)
(Nasdaq: UBNT) between May 9, 2013 and February 20, 2018 (the
“Class Period”).
If you purchased or otherwise acquired Ubiquiti publicly traded
securities during the Class Period, you may move the Court for
appointment as lead plaintiff by no later than April 23, 2018. 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 actions.
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.
Ubiquiti develops technology platforms for high-capacity
distributed Internet access, unified information technology, and
next-generation consumer electronics for home and personal use. The
Company purports to “drive[] brand awareness largely through the
company’s user community where customers can interface directly
with Research & Development, marketing, and support.” The
Company calls this user community the “Ubiquiti Community.”
The action alleges that defendants made false and/or misleading
statements and/or failed to disclose, among other things, that (i)
the number of the Company’s purported user community was
drastically overstated; (ii) that it had exaggerated its publicly
reported accounts receivable; and (iii) that as a result of the
foregoing, Ubiquiti’s publicly disseminated financial statements
were materially false and misleading.
On September 18, 2017 Citron Research issued a report detailing
a series of “alarming red flags,” indicating that the Company had
been deceiving investors and was engaged in “corporate fraud,”
including, among other things, that the Company had misrepresented
the size of its purported “Ubiquiti Community.”
On February 20, 2018, Ubiquiti announced that the Securities and
Exchange Commission had issued subpoenas to the Company and certain
of its officers. On this news, Ubiquiti’s stock declined 25.34%, or
$18.76, from the closing price of $74.04 on February 16, 2018, to
close at $55.28 per share on February 20, 2018, on highly elevated
trading volume.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San
Francisco, New York, Nashville, and Seattle, is a nationally
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.” In late 2016, Benchmark Litigation
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
http://www.lieffcabraser.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180409006130/en/
Lieff Cabraser Heimann & Bernstein, LLPSharon M. Lee,
1-800-541-7358
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