The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Ubiquiti Networks, Inc. (NASDAQ: UBNT) who purchased shares between May 9, 2013 and February 20, 2018. The action, which was filed in the United States District Court for the Southern District of New York, alleges that the Company violated federal securities laws.
In particular, the UBNT lawsuit alleges that (i) the size of the Company's purported user community was drastically overstated; (ii) the Company had exaggerated its publicly reported accounts receivable; and (iii) as a result of the foregoing, Ubiquiti's publicly disseminated financial statements were materially false and misleading. On February 20, 2018, Ubiquiti revealed that it had received a subpoena from the SEC “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.”
Shareholders have until April 23, 2018 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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