NEW YORK, Oct. 12, 2017 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Ubiquiti Networks, Inc. ("Ubiquiti" or the "Company") (NASDAQ: UBNT) of the November 24, 2017 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Ubiquiti stock or options between September 28, 2012 and September 18, 2017 and would like to discuss your legal rights, click here: www.faruqilaw.com/UBNT. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org.
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Attn: Richard Gonnello, Esq.
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The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased Ubiquiti common stock between September 28, 2012 and September 18, 2017 (the "Class Period"). The case, Gericke v. Ubiquiti Networks Inc. et al, No. 1:17-cv-07279 was filed on September 25, 2017, and has been assigned to Judge Katherine Polk Failla.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Ubiquiti 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.
Specifically, on September 18, 2017, Citron Research ("Citron") 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.
On this news, Ubiquiti's share price fell from $54.95 per share on September 15, 2017 to a closing price of $50.62 on September 18, 2017—a $4.33 or a 7.88% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. 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. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Ubiquiti's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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