BOSTON, Sept. 25, 2017 /PRNewswire/ -- Block & Leviton LLP (www.blockesq.com), a securities litigation firm representing investors nationwide, announces that it has filed a class action lawsuit against Ubiquiti Networks, Inc. ("Ubiquiti" or the "Company") (NASDAQ: UBNT) and certain of its officers and directors for violations of the federal securities laws.
If you purchased or otherwise acquired Ubiquiti securities between September 28, 2012 and September 18, 2017, inclusive (the "Class Period") and have questions about your legal rights or possess information relevant to this lawsuit, please contact attorney Bradley Vettraino at (617) 398-5600, by email at firstname.lastname@example.org, or by visiting www.blockesq.com/ubnt.
On September 18, 2017, Citron Research issued a report entitled "Cintron 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.
On this news, Ubiquiti's share price fell nearly 8% to close at $50.62 on September 18, 2017.
Throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about 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) that as a result of the foregoing, Ubiquiti's publicly disseminated financial statements were materially false and misleading.
If you wish to serve as a lead plaintiff, you must move the Court no later than November 24, 2017. As a member of the class, you may seek to file a motion to serve as a lead plaintiff or take no action and remain an absent class member. If you wish to become involved in the litigation or have questions about your legal rights, please contact attorney Bradley Vettraino at (617) 398-5600, by email at email@example.com, or by visiting www.blockesq.com/ubnt.
Confidentiality to whistleblowers or others with information relevant to this investigation is assured.
Block & Leviton LLP is a Boston-based law firm representing investors nationwide. The firm's lawyers have collectively been prosecuting securities cases on behalf of individual and institutional investors for over 50 years, and have recovered billions of dollars on their behalf. Block & Leviton's investigations into corporate wrongdoing were recently covered by the New York Times.
The lawsuit is pending in the Southern District of New York and is captioned Gericke v. Ubiquiti Networks, Inc. et al., No. 1:17-cv-07279. The courthouse is located at 500 Pearl Street, New York, NY 10007.
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Block & Leviton LLP
Bradley J. Vettraino
155 Federal Street, Suite 400
Boston, MA 02110
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SOURCE Block & Leviton LLP