NEW YORK, Sept. 28, 2017 (GLOBE NEWSWIRE) -- Safirstein Metcalf LLP announces that a class action lawsuit has been filed against Ubiquiti Networks, Inc. (“Ubiquiti” or the “Company”) (NASDAQ: UBNT ) in the United States District Court for the Southern District of New York on behalf of a class consisting of investors who purchased or otherwise acquired Ubiquiti securities on the open market from September 28, 2012 through September 18, 2017, inclusive (the “Class Period”).
If you purchased or acquired Ubiquiti securities during the class period and would like more information about the shareholder action, please 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 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 purported “Ubiquiti Community”, as well as its levels of accounts receivable, among other things.
Following this his news, Ubiquiti's share price fell nearly 8% to close at $50.62 on September 18, 2017.
About Safirstein Metcalf LLP
Safirstein Metcalf LLP focuses its practice on shareholder rights. The law firm also practices in the areas of antitrust and consumer protection. All of the Firm’s legal endeavors are rooted in its core mission: provide investor and consumer protection.
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