This lawsuit is for anyone who acquired securities in Ubiquiti, Inc. (NYSE: UI) from January 11, 2021 through March 30, 2021.
The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit that, throughout the time period mentioned above, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company misled investors by downplaying the January 2021 data breach.
On March 30, 2021, the Krebs on Security posted an article entitled "Whistleblower: Ubiquiti Breach ‘Catastrophic’" stating that "[n]ow a source who participated in the response to that breach alleges 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." Further, the article quoted a letter from the source to the European Data Protection Supervisor stating "[i]t was catastrophically worse than reported, and legal silenced and overruled efforts to decisively protect customers" and "[t]he 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, the price of the Company's stock dropped precipitously on unusually heavy trading volume.
The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in Ubiquiti, Inc. (NYSE: UI) from January 11, 2021 through March 30, 2021 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.
Join the Class Action
First Name: *
Last Name: *
If Representing an Institution, Name of Institution:
If Representing an Institution, Position at Institution:
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I, the Plaintiff, certify that:
1. I have reviewed the Complaint and authorized its filing.
2. Plaintiff did not purchase the security that is the subject of this
action, at the direction of plaintiff's counsel or in order to
participate in any private action arising under this title.
3. I am willing to serve as a representative party on behalf of a class
and will testify at deposition and trial, if necessary.
4. My transactions in the securities, which are the subject of this
action, during the Class Period set forth in the Complaint are as
5. I have not served as a representative party on behalf of a class
under the federal security laws during the last three years, except
if detailed below.
6. I will not accept any payment for serving as a representative party,
except to receive my pro rata share of any recovery or as ordered
or approved by the court including the award to a representative
plaintiff of reasonable costs and expenses (including lost wages)
directly relating to the representation of the class.
agreement and retain the Law Offices of Howard G. Smith and its associates to proceed on Plaintiff's behalf, on a contingent fee basis. If I am executing this agreement on behalf of an institution, I further certify that I am authorized to execute this agreement on behalf of the institution.