SAN FRANCISCO, Feb. 27, 2018 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP alerts investors in Ubiquiti Networks, Inc. (NASDAQ:UBNT) to the securities class action pending in the United States District Court for the Southern District of New York and to the April 23, 2018 Lead Plaintiff deadline. If you purchased or otherwise acquired securities of Ubiquiti between May 9, 2013 and February 20, 2018 and suffered losses contact Hagens Berman Sobol Shapiro LLP. For more information visit:
https://www.hbsslaw.com/cases/UBNT
or contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing
On February 20, 2018, Defendants announced “[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.”
This announcement drove the price of Ubiquiti shares down $18.76, or over 25%, to close at $55.28 on February 20, 2018.
SEC filings show that Ubiquiti’s Chairman and Chief Executive Officer sold 1 million of his Ubiquiti shares for total proceeds of over $61 million during August 2017.
“We’re focused on the matters highlighted in Ubiquiti’s announcement, whether the Defendants flouted Generally Accepted Accounting Principles, whether the CEO’s sales were improper, and on investors’ losses,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding Ubiquiti should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email UBNT@hbsslaw.com.
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Contact:
Reed Kathrein, 510-725-3000