SAN FRANCISCO, CA / ACCESSWIRE / August 17, 2022 / Hagens Berman urges Unity Software Inc. (NYSE:U) investors who have suffered significant losses to submit your losses now.
Class Period: Mar. 5, 2021 - May 10,2022
Lead Plaintiff Deadline: Sept. 6, 2022
Contact An Attorney Now: [email protected]
Unity Software Inc. (NYSE: U) Securities Fraud Class Action:
During the Class Period, Defendants claimed that Unity's Audience Pinpointer tool - which was developed last year to enable the company and its customers to navigate ad delivery following Apple's changes to its app advertising policies - delivers strong returns on investment to customers without manual guesswork.
The complaint alleges Defendants misrepresented and concealed: (1) deficiencies in Unity's product platform reduced the accuracy of its machine learning technology; (2) the foregoing was likely to have a material negative impact on Unity's revenues; and (3) accordingly, Unity overstated its commercial and financial prospects for 2022.
On May 10, 2022, Unity announced its Q1 2022 financial results and reduced its fiscal 2022 guidance. Management blamed the reduction on "fault in our platform that resulted in reduced accuracy for our Audience Pinpointer tool," disclosed "we lost the value of a portion of our data, training data due in part to us ingesting bad data from a large customer," and quantified the ingestion as having a $110 million negative impact on Unity's 2022 revenues.
This news sent the price of Unity shares down $17.83, or down 37%, wiping out over $3 billion in shareholder value.
"We're focused on investors' losses and proving Defendants misrepresented the functionality of Unity's Audience Pinpointer tool," said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Unity Software and have significant losses, or have knowledge that may assist the firm's investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Unity Software 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 844-916-0895 or email [email protected].
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About Hagens Berman
Hagens Berman is a global plaintiffs' rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Reed Kathrein, 844-916-0895
SOURCE: Hagens Berman Sobol Shapiro LLP