SHAREHOLDER ALERT: Spector, Roseman & Kodroff, P.C. Announces Class Action Lawsuit Filed Against Ubiquiti Networks, Inc.
October 04 2017 - 3:35PM
Business Wire
The law firm of Spector, Roseman & Kodroff, P.C. announces
that a securities class action lawsuit has been filed on behalf of
investors who purchased Ubiquiti Networks, Inc. (NASDAQ:UBNT)
securities between September 28, 2012 and September
18, 2017, inclusive (the “Class Period”).
The Complaint alleges that throughout the Class Period,
Defendants made materially false and misleading statements
regarding the Company’s business, operations and prospects.
Specifically, Defendants made false and/or misleading statements
and/or failed to disclose 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) 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 detailed 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 “Ubiquiti Community,” as well as its levels of
accounts receivable.
Following this news, Ubiquiti’s stock dropped nearly 8% to close
at $50.62 per share on September 18, 2017.
If you purchased Ubiquiti securities during the Class Period,
you may, no later than November 27,
2017, move to be appointed as a Lead Plaintiff in this
class action. A Lead Plaintiff is a representative chosen by the
Court that acts on behalf of other class members in directing the
litigation.
If you have sustained substantial losses in Ubiquiti securities
during the Class Period and wish to move to be appointed as Lead
Plaintiff, please contact Spector, Roseman & Kodroff, P.C. at
classaction@srkattorneys.com. If you have relatively small losses,
your ability to participate in any recovery will be protected by
the Lead Plaintiff(s), and you need take no affirmative steps at
this time.
If you wish to discuss this action or have any questions
concerning this notice or your rights or interests, please call us
toll-free at 888-844-5862 or via e-mail at
classaction@srkattorneys.com. For more detailed information about
the firm please visit its website at
http://www.srkattorneys.com.
Spector, Roseman & Kodroff, P.C., located in Philadelphia,
Pennsylvania, concentrates its practice in complex litigation
including actions dealing with securities laws, antitrust,
contract, and commercial claims. The firm is active in major
litigation pending in federal and state courts throughout the
United States. The firm’s reputation for excellence has been
recognized on repeated occasions by courts which have appointed the
firm as lead counsel in numerous major class actions involving
violations of the federal securities laws and the federal antitrust
laws. As a result of the efforts of the firm, and its members,
hundreds of millions of dollars have been recovered through
judgments and settlements on behalf of thousands of defrauded
shareholders and companies.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171004006381/en/
Spector, Roseman & Kodroff, P.C.Robert M. Roseman,
888-844-5862
Ubiquiti Networks (NASDAQ:UBNT)
Historical Stock Chart
From Apr 2024 to May 2024
Ubiquiti Networks (NASDAQ:UBNT)
Historical Stock Chart
From May 2023 to May 2024