NEW YORK, Feb. 20, 2018 /PRNewswire/ -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating Ubiquiti Networks, Inc. ("Ubiquiti" or the "Company") (Nasdaq: UBNT) concerning potential violations of the federal securities laws.
On February 20, 2018, before the market opened, Ubiquiti filed a report with the U.S. Securities and Exchange Commission ("SEC") that disclosed the following:
"On February 13, 2018, the [SEC] issued subpoenas to Ubiquiti 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. The Company is in the process of responding to the requests and intends to cooperate fully with the SEC."
On February 20, 2018, Ubiquiti shares declined from a closing price on February 16, 2018 of $74.04 per share, to close at $55.28 per share, a decline of $18.76 per share or over 25% on heavier than usual volume.
Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has decades of experience in prosecuting investor class actions.
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SOURCE Kaplan Fox & Kilsheimer LLP