UBIQUITI INC. SHAREHOLDERS HAVE AN OPPORTUNITY TO RECOVER THEIR INVESTMENT LOSSES
Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of those who purchased or acquired the securities of Ubiquiti Inc. (NYSE: UI) between January 11, 2021 and March 30, 2021. The lawsuit seeks to recover Ubiquiti Inc.’s shareholders’ investment losses.
If you purchased shares of Ubiquiti Inc. between January 11, 2021 and March 30, 2021 and would like to discuss your legal rights and/or options, please click “Join Class Action” above.
New York, New York — Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of Ubiquiti, Inc. (“Ubiquiti” or the “Company”) (NYSE: UI) from January 11, 2021 through March 30, 2021 (the “Class Period”). The lawsuit filed in the United States District Court for the Southern District of New York alleges violations of the Securities Exchange Act of 1934.
On March 30, 2021, after the market closed, Krebs on Security published an article entitled “Whistleblower: Ubiquiti Breach ‘Catastrophic’” stating that the Company had downplayed a data breach and that its “third-party cloud provider claim was a fabrication.” The article stated that attackers had gained access to all Ubiquiti Amazon Web Services accounts, including all S3 data buckets, application logs, databases, user database credentials, and secrets required to forge single sign-on cookies. The article claimed that the Company should have immediately invalidated customers’ credentials and forced a reset.
On this news, the Company’s stock price fell $50.70 per share, or 14.5%, to close at $298.30 per share on March 31, 2021, thereby injuring investors.
The complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to speak fully and truthfully because they failed to disclose to investors: (i) that the Company had downplayed the data breach in January 2021; (ii) that attackers had obtained administrative access to the Company’s servers and obtained access to, among other things, all databases, user database credentials, and secrets to forge single sign-on cookies; (iii) that, as a result, intruders already had credentials needed to remotely access Ubiquiti’s customers’ systems, and (iv) that, 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.
If you wish to serve as lead plaintiff, you must move the Court no later than July 19, 2021. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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Joseph R. Seidman
Bernstein Liebhard LLP