On or around 11/29/2017 (Notice of voluntarily dismissal)
Filing Date: September 25, 2017
According to the law firm press release, the lawsuit alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that (i) the number 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 November 20, 2017, the first identified case was voluntarily dismissed. A related case filed under Docket 17-CV-07524 continues. On November 29, 2017, the related case was voluntarily dismissed.
Company & Securities Information
Defendant: Ubiquiti Networks, Inc.
Industry: Communications Equipment
Headquarters: United States
Ticker Symbol: UBNT
Company Market: NASDAQ
Market Status: Public (Listed)
About the Company & Securities Data
"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.
In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
First Identified Complaint
Richard Gericke, et al. v. Ubiquiti Networks, Inc., et al.