Securities Class Action Lawsuit Filed Against Ubiquiti Network; Shareholders With Large Losses Encouraged to Contact Holzer Holzer & Fistel, LLC Regarding Lead Plaintiff Position
(firmenpresse) - ATLANTA, GA -- (Marketwire) -- 09/10/12 -- A class action lawsuit has been filed on behalf of investors who purchased common stock of Ubiquiti Networks, Inc. ("Ubiquiti" or the "Company") (NASDAQ: UBNT) between October 14, 2011 and August 9, 2012, including those who purchased pursuant to the Company's initial public offering (the "IPO"). The lawsuit, which was filed in the United States District Court for the Northern District of California, alleges that Ubiquiti issued false and misleading statements during that time by failing to adequately disclose negative trends in its business due to, among other things, counterfeit versions of its Airmax line of products reaching the market as a result of stolen source codes and designs. On August 9, 2012, Ubiquiti revealed that problems relating to counterfeit Airmax products were more widespread than previously acknowledged and the Company's stock declined approximately 42% on the news.
If you purchased Ubiquiti common stock between October 14, 2011 and August 9, 2012, and suffered a net loss on those purchases you have the legal right to petition the Court to be appointed a "lead plaintiff." A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Any such request must satisfy certain criteria and be made no later than November 6, 2012. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
Investors who are interested in serving as lead plaintiff or who have questions concerning their legal rights may contact Michael I. Fistel, Jr., Esq. () or Marshall P. Dees, Esq. () by email or via toll-free telephone at (888) 508-6832.
Holzer Holzer & Fistel, LLC dedicates its practice to vigorous representation of shareholders and investors in litigation nationwide, including shareholder class action and derivative litigation. More information about the firm is available through its website, and upon request from the firm. Holzer Holzer & Fistel, LLC has paid for the dissemination of this promotional communication, and Michael I. Fistel, Jr. is the attorney responsible for its content.
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Datum: 10.09.2012 - 18:56 Uhr
Sprache: Deutsch
News-ID 181992
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