LOS ANGELES, Sept. 29, 2017 /PRNewswire/ -- Lundin Law PC, a shareholder rights firm, announces the filing of a class action lawsuit against Ubiquiti Networks, Inc. ("Ubiquiti" or the "Company") (Nasdaq: UBNT) concerning possible violations of federal securities laws between September 28, 2012 and September 18, 2017, inclusive (the "Class Period"). Investors who purchased or otherwise acquired shares during the Class Period should contact the firm prior to the November 27, 2017 lead plaintiff motion deadline.
To participate in this class action lawsuit, click here.
You can also call Brian Lundin, Esq., of Lundin Law PC, at 888-713-1033, or you can e-mail him at firstname.lastname@example.org.
No class has been certified in the above action yet. Until a class is certified, you are not considered represented by an attorney. You may also choose to do nothing and be an absent class member.
According to the Complaint, throughout the Class Period, Ubiquiti made false and/or misleading statements, and/or failed to disclose that: the number of the Company's purported user community was drastically overstated; that it had exaggerated its publicly reported accounts receivable; and that as a result of the above, Ubiquiti's publicly disseminated financial statements were materially false and misleading.
On September 18, 2017, Citron Research published a report alleging a number of "red flags" suggesting that Ubiquiti has been misleading investors by posting significantly higher operating margins than industry peers and comparatively low interest income from an increasing cash position. The report also alleges red flags based on Ubiquiti's distribution network, corporate turnover and corporate culture. Upon release of this news, the Company's shares fell in value materially, which caused investors harm according to the Complaint.
Lundin Law PC was founded by Brian Lundin, Esq., a securities litigator based in Los Angeles dedicated to upholding shareholders' rights.
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SOURCE Lundin Law PC