[April 09, 2018] |
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UBNT INVESTORS NOTICE: Lieff Cabraser Reminds Investors of Deadline in Class Action Against Ubiquiti Networks, Inc.
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 (News - Alert)" 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 lea 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/
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