NEW YORK, NY / ACCESSWIRE / July 11, 2021 / Pomerantz LLP is investigating claims on behalf of investors of Ubiquiti Inc. ("Ubiquiti" or the "Company") (NYSE:UI). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Ubiquiti and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On January 11, 2021, Ubiquiti disclosed that a breach involving a third-party cloud provider had exposed customer account credentials.
On this news, Ubiquit's stock price fell $13.69 per share, or 5.32%, over the following two days, closing at $243.76 per share on January 13, 2021.
Then, on March 30, 2021, cybersecurity analyst Brian Krebs reported that "a source who participated in the response to that breach" alleged that Ubiquiti "massively downplayed a ‘catastrophic' incident to minimize the hit to its stock price, and that the third-party cloud provider claim was a fabrication." This anonymous security professional stated that the breach "was catastrophically worse than reported, and legal silenced and overruled efforts to decisively protect customers. . . . The breach was massive, customer data was at risk, access to customers' devices deployed in corporations and homes around the world was at risk."
On this news, Ubiquiti's stock price fell $18.78 per share, or 5.11%, to close at $349.00 per share on March 30, 2021.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
SOURCE: Pomerantz LLP