NEW YORK, April 17, 2018 (GLOBE NEWSWIRE) -- Safirstein Metcalf LLP, announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of investors who purchased or acquired shares of Ubiquiti Networks, Inc. ("Ubiquiti" or the "Company") UBNT from May 9, 2013 through February 20, 2018, both dates inclusive (the "Class Period").
If you purchased or acquired Ubiquiti securities during the class period, and would like more information about the shareholder class action, please contact Safirstein Metcalf LLP at 1-800-221-0015, or email info@SafirsteinMetcalf.com
If you wish to serve as lead plaintiff, you must move the Court no later than April 23, 2018. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. 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.
The complaint alleges that Ubiquiti and certain of its executive officers made a series of false and misleading statements to investors during the Class Period and failed to disclose: (i) that the size of the Company's purported user community was drastically overstated; (ii) that the Company 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 February 20, 2018, Ubiquiti disclosed that, "[o]n February 13, 2018, the Securities and Exchange Commission (the 'SEC') issued subpoenas to Ubiquiti Networks, Inc. (the 'Company') and certain of the Company's officers 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 this news, shares of the Company's stock declined $18.76 per share, or over 25%, to close on February 20, 2018 at $55.28 per share, on heavy trading volume.
About Safirstein Metcalf LLP
Safirstein Metcalf LLP focuses its practice on shareholder rights. The law firm also practices in the areas of antitrust and consumer protection. All of the Firm's legal endeavors are rooted in its core mission: provide investor and consumer protection.
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Safirstein Metcalf LLP
Peter Safirstein, Esq.
1250 Broadway
27th Floor
New York, NY 10001
1-800-221-0015
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