Case Page

 

Case Status:    ONGOING    
On or around 02/22/2018 (Ongoing date of last review)

Filing Date: February 21, 2018

Ubiquiti Networks, Inc. develops technology platforms for high-capacity distributed Internet access, unified information technology, and next-generation consumer electronics for home and personal use.

According to the law firm press release, on September 18, 2017, Citron Research 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 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. This news caused Ubiquiti's stock price to fall, harming investors.

Then, on February 20, 2018, Ubiquiti filed a Form 8-K with the Securities and Exchange Commission revealing that the SEC "issued subpoenas to Ubiquiti Networks, Inc. and certain of the Company's officers requesting documents and information" relating to a range of topics. On this news, the Company's stock fell more than 25 percent, causing millions in losses to investors.

The Complaint alleges that between May 9, 2013 and February 20, 2018, inclusive (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, the Complaint alleges that Defendants made false and/or misleading statements and/or failures to disclose pertaining to a range of topics, including (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.

COMPANY INFORMATION:

Sector: Technology
Industry: Communications Equipment
Headquarters: United States

SECURITIES INFORMATION:

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.
COURT: S.D. New York
DOCKET #: 18-CV-01620
JUDGE: Hon. Victor Marrero
DATE FILED: 02/21/2018
CLASS PERIOD START: 05/09/2013
CLASS PERIOD END: 02/20/2018
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Block & Leviton LLP
    155 Federal Street, Suite 1303, Block & Leviton LLP, MA 02110
    (617) 398-5600 (617) 507-6020 ·
  2. Finkelstein, Blankinship, Frei-Pearson & Garber, LLP

    914.298.3280 914.908.6708 ·
No Document Title Filing Date