Please complete this form and list your purchase and sale transaction(s) for Ubiquiti Networks, Inc. (Nasdaq: UBNT) common stock between May 9, 2013 and February 20, 2018, inclusive (the “Class Period”):
Notice is hereby given that a class action lawsuit has been filed on behalf of those who purchased or otherwise acquired Ubiquiti Networks, Inc. (“Ubiquiti”) (Nasdaq: UBNT) common stock between May 9, 2013 and February 20, 2018, inclusive (the “Class Period”).
According to the complaint, Ubiquiti offers a portfolio of wireless networking products and solutions. The Company does not employ a traditional sales force, “but instead drives brand awareness largely through the company’s ‘user community’ where customers can interface directly with R&D, marketing, and support.”
The Class Period commences on May 9, 2013, when Ubiquiti filed a quarterly report on Form 10-Q with the SEC for the period ending March 31, 2013.
On February 20, 2018, Ubiquiti disclosed that, “[o]n February 13, 2018, the Securities and Exchange Commission (the ‘SEC’) issued subpoenas to Ubiquiti Networks, Inc. (the ‘Company’) and certain of the Company’s officers requesting documents and information relating to a range of topics, including metrics relating to the Ubiquiti Community, accounting practices, financial information, auditors, international trade practices, and relationships with distributors and various other third parties.”
Following this news, shares of the Company’s stock declined $18.76 per share, or over 25%, to close on February 20, 2018 at $55.28 per share, on heavy trading volume.
The shareholder class action complaint alleges that Ubiquiti and certain of its executive officers made a series of false and misleading statements to investors during the Class Period, and failed to disclose: (i) that the size of the Company’s purported user community was drastically overstated; (ii) that the Company 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.
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 email@example.com.
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq. or Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087 1-888-299-7706 (toll free) or 1-610-667-7706
Or by e-mail at firstname.lastname@example.org