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 - EconoTimes)
NEW YORK, Sept. 26, 2017 -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Ubiquiti Networks, Inc. (“Ubiquiti” or the “Company”) (NASDAQ:UBNT) in the United States District Court for the Southern District of New York on behalf of a class consisting of investors who purchased or otherwise acquired Ubiquiti securities on the open market from September 28, 2012 and September 18, 2017, inclusive (the “Class Period”), seeking to recover compensable damages caused by Defendants’ violations of the Securities Exchange Act of 1934.
The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that (i) the size 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.
On September 18, 2017, Citron Research 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, among other things.
On this news, Ubiquiti's share price fell nearly 8% to close at $50.62 on September 18, 2017.
If you wish to serve as lead plaintiff, you must move the Court no later than November 24, 2017. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at [email protected] or [email protected].
Please visit our website at http://www.gme-law.com for more information about the firm.
