NEW YORK, March 5, 2018 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Ubiquiti Networks, Inc. ("Ubiquiti" or the "Company") (NASDAQ: UBNT) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired Ubiquiti securities between May 9, 2013, and February 16, 2018, both dates inclusive. Such investors are encouraged to join this case by visiting the firm's site: http://www.bgandg.com/ubnt.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements and/or failed to disclose that: (1) the number of the Company's purported user community was drastically overstated; (2) Ubiquiti had exaggerated its publicly reported accounts receivable; and (3) as a result of the foregoing, Ubiquiti's publicly disseminated financial statements were materially false and misleading.
On September 18, 2017, Citron Research ("Citron") issued a report entitled "Cintron Exposes Ubiquiti Networks," (the "Citron Report") in which Citron detailed a series of "alarming red flags," indicating that the Company had been deceiving investors and was engaged in "corporate fraud," including, among other things, that the Company had misrepresented the size of its purported "Ubiquiti Community," as well as its levels of accounts receivable, among other things.
On February 20, 2018, Ubiquiti announced that it had received a subpoena from the Securities and Exchange Commission "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 the news of the SEC subpoenas, Ubiquiti's share price fell more than 25 percent, from $74.04 at the close of the prior trading day, to close at $55.28 on February 20, 2018.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm's site: http://www.bgandg.com/ubnt or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Ubiquiti you have until April 23, 2018 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | firstname.lastname@example.org
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