Ubiquiti Networks, Inc. investors may receive additional information about the case by clicking the link "Submit Your Information" above.
According to the complaint, Ubiquiti develops technology platforms for high-capacity distributed Internet access, unified information technology, and next-generation consumer electronics for home and personal use.
The Class Period commences on September 28, 2012 when Ubiquiti filed its annual report on Form 10-K with the SEC for the period ending June 30, 2012.
The complaint alleges that, on September 18, 2017, Citron Research (“Citron”) 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 news, Ubiquiti’s share price fell nearly 8% to close at $50.62 on September 18, 2017.
The complaint alleges that, throughout the Class Period, the 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) that as a result of the foregoing, Ubiquiti’s publicly disseminated financial statements were materially false and misleading.
If you are a member of the class described above, you may no later than November 24, 2017 move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at firstname.lastname@example.org. For more information about Kessler Topaz Meltzer & Check, LLP, please visit our website at http://www.ktmc.com. If you would like additional information about the suit, please fill out the attached form as promptly as possible and return it by fax to 610-667-7056, or by mail in the enclosed envelope.
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