IRVINE, CA / ACCESSWIRE / October 12, 2017 / Khang & Khang LLP (the "Firm") announces the filing of a securities class action lawsuit against Ubiquiti Networks, Inc. ("Ubiquiti" or the "Company") (NASDAQ: UBNT). Investors who purchased or otherwise acquired shares between September 28, 2012 and September 18, 2017, inclusive (the "Class Period"), are encouraged to contact the Firm in advance of the November 27, 2017 lead plaintiff motion deadline.
If you purchased Ubiquiti shares during the Class Period, please contact Joon M. Khang, Esq., of Khang & Khang LLP, 4000 Barranca Parkway, Suite 250, Irvine, CA 92604, by telephone at: (949) 419-3834, or by e-mail at [email protected].
There has been no class certification in this case yet. Until certification occurs, you are not represented by an attorney. You may choose to take no action and remain a passive class member as well.
According to the Complaint, throughout the Class Period, Ubiquiti made false and/or misleading statements, and/or failed to disclose that: the number of the Company's purported user community was drastically overstated; that it exaggerated its publicly reported accounts receivable; and that as a result of the above, Ubiquiti's publicly disseminated financial statements were materially false and misleading. On September 18, 2017, Citron Research published a report alleging a number of "red flags" suggesting that Ubiquiti misled investors by posting significantly higher operating margins than industry peers and comparatively low interest income from an increasing cash position. The report also alleges red flags based on Ubiquiti's distribution network, corporate turnover and corporate culture. When this information was announced, Ubiquiti's stock price fell in value materially, which caused investors harm according to the Complaint.
If you wish to learn more about this lawsuit, or if you have any questions regarding this notice or your rights, please contact Joon M. Khang, Esq., a prominent litigator for almost two decades, by telephone at (949) 419-3834, or by e-mail at [email protected].
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Joon M. Khang, Esq.
SOURCE: Khang & Khang LLP