Bernstein Liebhard LLP Announces That Only 11 Days Remain To Make A Motion For Lead Plaintiff In A Class Action Pending Against Ubiquiti Networks, Inc.

NEW YORK, Nov. 13, 2017 /PRNewswire/ -- Bernstein Liebhard LLP today announced that only eleven days remain to file a motion for lead plaintiff in a class action pending against Ubiquiti Networks, Inc. ("Ubiquiti" or the "Company") (NASDAQ: UBNT).  The case, which is pending in the United States District Court for the Southern District of New York, alleges claims on behalf of a class (the "Class") consisting of all persons or entities who purchased the securities of Ubiquiti during the period between September 28, 2012 and September 18, 2017 (the "Class Period").  The complaint alleges that Defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.

Ubiquiti develops technology platforms for, among other things, high-capacity distributed Internet access and next-generation consumer electronics for home and personal use.  Significantly, Ubiquiti does not employ a traditional sales force.  Instead, it purports to "drive[] brand awareness largely through the company's user community where customers can interface directly with R&D, marketing, and support."  Ubiquiti calls this user community the "Ubiquiti Community."

The Complaint alleges that throughout the Class Period, Defendants misled investors about the size of the Ubiquiti Community and the Company's publicly reported accounts receivable. 

On September 18, 2017, Citron Research issued a detailed report alleging that Ubiquiti has been deceiving investors and misrepresenting the size of the Ubiquiti Community and accounts receivable levels.  On this news, Ubiquiti's share price fell nearly 8% to close at $50.62 on September 18, 2017.

Plaintiffs seek to recover damages on behalf of all Class members who invested in Ubiquiti securities during the Class Period.  If you invested in Ubiquiti securities as described above, and lost money on the transactions, you may wish to join in this action to serve as lead plaintiff.  In order to do so, you must meet certain requirements set forth in the applicable law and file appropriate papers no later than November 24, 2017.

A "lead plaintiff" is a representative party that acts on behalf of other class members in directing the litigation.  In order to be appointed lead plaintiff, the court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class.  Under certain circumstances, one or more class members may together serve as lead plaintiff.  Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff.  You may retain Bernstein Liebhard LLP, or other counsel of your choice, to serve as your counsel in this action.

If you are interested in discussing your rights as a Ubiquiti investor and/or have information relating to the matter, please contact Joseph R. Seidman, Jr. at (877) 779-1414 or [email protected].

Bernstein Liebhard LLP has pursued hundreds of securities, consumer and shareholder rights cases and recovered over $3.5 billion for its clients.  The Firm has been named to the National Law Journal's "Plaintiffs' Hot List" thirteen times. 

You can obtain a copy of the complaint from the clerk of the court for the United States District Court for the Southern District of New York.

Bernstein Liebhard LLP
10 East 40th Street
New York, New York 10016
(877) 779-1414
www.bernlieb.com

ATTORNEY ADVERTISING. © 2017 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. The lawyer responsible for this advertisement in the State of Connecticut is Michael S. Bigin.  Prior results do not guarantee or predict a similar outcome with respect to any future matter.

Contact Information
Joseph R. Seidman, Jr.
Bernstein Liebhard LLP
http://www.bernlieb.com
(212) 779-1414
[email protected]

SOURCE Bernstein Liebhard LLP

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