UI Update: Berger Montague Investigates Securities Fraud Allegations Against Ubiquiti Inc. (UI); Lead Plaintiff Deadline is July 19, 2021
Philadelphia, Pennsylvania--(Newsfile Corp. - June 5, 2021) - Berger Montague is investigating securities fraud claims against Ubiquiti Inc. ("Ubiquiti" or the "Company") on behalf of investors who purchased Ubiquiti securities (NYSE: UI) between January 11, 2021 and March 30, 2021 (the "Class Period").
If you purchased Ubiquiti securities during the Class Period, would like to discuss Berger Montague's investigation, or have questions concerning your rights or interests, please contact attorneys Andrew Abramowitz at firstname.lastname@example.org or (215) 875-3015, or Donnell Much at email@example.com or (215) 875-4667, or fill out the form on www.bergermontague.com/ubiquiti.
Ubiquiti, headquartered in New York, develops platforms for high-capacity Internet access, unified information technology, and consumer electronics. A recently filed lawsuit accuses the Company and its senior management of failing to speak candidly to investors about a January 2021 data breach. The suit claims that defendants downplayed the data breach, through which the attackers obtained access to Ubiquiti's servers and to users' credentials, and as a result, the attackers could remotely access Ubiquiti's customers' systems.
Investors learned the truth on March 30, 2021, when noted security expert Krebs on Security published an article entitled "Whistleblower: Ubiquiti Breach 'Catastrophic,'" which accused Ubiquiti of downplaying the January data breach and criticized its response to the breach. The article noted that the Company should have immediately invalidated customers' credentials and forced a reset, rather than asking customers to change their passwords. On this news, the Company's stock price fell $50.70 - or 14.5% - to close at $298.30 per share on March 31, 2021.
Whistleblowers: Anyone with non-public information regarding ContextLogic is encouraged to confidentially assist Berger Montague's investigation or take advantage of the SEC Whistleblower program. Under this program, whistleblowers who provide original information may receive rewards totaling up to thirty percent (30%) of recoveries obtained by the SEC. For more information, contact us.
Berger Montague, with offices in Philadelphia, Minneapolis, Washington, D.C., and San Diego, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.
Andrew Abramowitz, Senior Counsel
Donnell Much, Associate
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