BENSALEM, Pa.--(BUSINESS WIRE)-- Law Offices of Howard G. Smith announces that shareholders of Ubiquiti Networks, Inc. (“Ubiquiti” or the “Company”) (NASDAQ:UBNT) have until November 6, 2012 to move the Court to serve as lead plaintiff in the securities fraud class action lawsuit filed in the United States District Court for the Northern District of California. The lawsuit was filed on behalf of a class (the “Class”) comprising all purchasers of Ubiquiti common stock between October 14, 2011 and August 9, 2012, inclusive (the “Class Period”), including all persons who acquired shares of Ubiquiti pursuant or traceable to the Company’s allegedly false and misleading Registration Statement and Prospectus issued in connection with its October 14, 2011 initial public offering.
Ubiquiti, together with its wholly owned subsidiaries, offers a portfolio of wireless networking products and solutions. The Complaint alleges that the defendants made false and/or misleading statements and/or failed to disclose material adverse facts concerning the Company’s business and operations, including: (i) the true magnitude of the risks the Company faced from counterfeit copies of its products including the popular and profitable AirMax product line; (ii) the widespread nature and extent of the counterfeit-product operations, and the impact those activities would have on the Company’s future operating results; (iii) the increased risks to the Company’s operations due to its unique business model, whereby it exclusively relied on distributors to sell its products to end customers; (iv) that the Company lacked the proper internal controls to prevent its product designs from being stolen and replicated; and (v) as a result of the above, the Company’s financial statements were materially false and misleading at all relevant times.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you are a member of the Class described above, you have certain rights, and have until November 6, 2012 to move for lead plaintiff status. To be a member of the class you need not take any action at this time, or may retain counsel of your choice. If you wish to discuss this action or learn more concerning your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at 215-638-4847, Toll-Free at 888-638-4847, or by email to firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com.
Source: Law Offices of Howard G. Smith