Safirstein Metcalf LLP Announces The Filing Of A Class Action Lawsuit Against Ubiquiti Networks, Inc. ( NASDAQ: UBNT)
A class action lawsuit has been filed against Ubiquiti Networks, Inc. (NASDAQ: UBNT) on behalf of a class consisting of investors who acquired Ubiquiti securities on the open market from September 28, 2012 through September 18, 2017, inclusive.
If you would like more information about this shareholder action based on your purchase or acquisition of Ubiquiti securities during the class period, please use the convenient form located on this page, or contact Safirstein Metcalf LLP at 1-800-221-0015 or email info@SafirsteinMetcalf.com
If you wish to serve as lead plaintiff, you must move the Court no later than November 24, 2017. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
Ubiquiti, based in New York, manufactures wireless data communication products. The Complaint alleges that Defendants made materially false and/or misleading statements and/or failed to disclose that (i) the size 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 entitled “Citron Exposes Ubiquiti Networks,” in which Citron enumerated a series of “alarming red flags,” indicating that the Company has been deceiving investors and is engaged in “corporate fraud,” including, among other things, that the Company has misrepresented the size of its purported “Ubiquiti Community”, as well as its levels of accounts receivable.
On September 18, 2017, following the release of this news, Ubiquiti’s share price dropped nearly 8% to close at $50.62
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