NEW YORK, June 30, 2021 (GLOBE NEWSWIRE) -- Lowey Dannenberg P.C., a preeminent law firm in obtaining redress for consumers and investors, is investigating claims of violations of federal securities laws on behalf of investors of Ubiquiti Inc. (“Ubiquiti” or the “Company”) (NYSE: UI). If you are a shareholder of Ubiquiti with more than $100,000 in losses, you should contact the Firm.
On March 30, 2021, the market was made aware of a data breach through the publishing of an article titled “Whistleblower: Ubiquiti Breach ‘Catastrophic’.” In this article, a source internal to Ubiquiti stated that the Company had downplayed a data breach that gave hackers access to Ubiquiti’s user credentials and single sign-on (SSO) cookies. This report is in direct contradiction of former statements by the Company which made the data breach out to be less severe than it actually was.
On this news, the Company’s stock price fell $50.70, or 14%, to close at $298.80 per share on March 31, 2021.
The complaint alleges that Ubiquiti made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. The Defendants statements concerning the data breach, failed to disclose to investors: (1) that the Company had downplayed the data breach in January 2021; (2) that attackers had obtained administrative access to Ubiquiti’s servers and obtained access to, among other things, all databases, all user database credentials, and secrets required to forge SSO cookies; (3) that, as a result, intruders already had credentials needed to remotely access Ubiquiti’s customers’ systems; and (4) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
If you are a shareholder of Ubiquiti who purchased Ubiquiti securities between January 11, 2021 and March 30, 2021, you have until July 19, 2021, to ask the Court to appoint you as Lead Plaintiff for the class. To participate, learn more, or discuss the issues surrounding the investigation, please contact our attorneys at (914) 733-7256 or via email at email@example.com. For more information, visit our website at https://lowey.com/cases/ubiquiti-inc/.
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.
About Lowey Dannenberg
Lowey Dannenberg is a national firm representing institutional and individual investors, who suffered financial losses resulting from corporate fraud and malfeasance in violation of federal securities and antitrust laws. The firm has significant experience in prosecuting multi-million-dollar lawsuits and has previously recovered billions of dollars on behalf of investors.
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