SAN FRANCISCO — Hagens Berman Sobol Shapiro LLP reminds investors in Ubiquiti Networks, Inc. (NASDAQ:UBNT) of the November 24, 2017 Lead Plaintiff deadline in the pending securities class action. If you purchased or otherwise acquired securities of UBNT between September 28, 2012 and September 18, 2017 and suffered losses contact Hagens Berman Sobol Shapiro LLP. For more information visit:
or contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing
On September 18, 2017, Citron Research published a report Citron detailing a series of “alarming red flags” about Ubiquiti and setting forth a series of Citron’s observations that it asserts are deceiving to the investing public.
Citron highlighted certain earnings conference call statements, operating metrics versus those of Ubiquiti’s peers, Ubiquiti distributors whom Citron characterized as “shady,” questions about Ubiquiti’s cash balances and interest income, its management turnover, and its corporate culture as among the red flags.
This report drove the price of Ubiquiti shares down $4.33 from a closing price of $54.95 on September 15, 2017 to close at $50.62 on September 18, 2017 – a loss of about 7.8%.
On September 27, 2017, Seeking Alpha published a contributor’s report that commented on the Company’s investor day held on September 26. In the contributor’s view, the meeting did little to address Citron’s allegations.
“We’re focused on the matters highlighted by Citron and findings reported the next day by a Seeking Alpha contributor who stated his separate findings do not contradict what Citron found,” said Hagens Berman partner Reed Kathrein. “If those reported findings are true, they may suggest possible violations of Generally Accepted Accounting Principles and, in turn, securities law violations.”
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 [email protected].
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