Financial News
The Law Offices of Frank R. Cruz Announces Investigation of Ubiquiti Inc. (UI) on Behalf of Investors
The Law Offices of Frank R. Cruz announces an investigation of Ubiquiti Inc. (“Ubiquiti” or the “Company”) (NYSE: UI) on behalf of investors concerning the Company’s possible violations of federal securities laws.
If you are a shareholder who suffered a loss, click here to participate.
On January 11, 2021, Ubiquiti disclosed that a breach involving a third-party cloud provider had exposed customer account credentials.
On this news, Ubiquiti’s share price fell $13.69 per share, or 5%, over the next two trading days, damaging investors.
Then 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, Ubiquiti’s share price fell $27.78, or 7%, to close at $349.00 per share on March 30, 2021. The stock price continued to decline by $50.70, or 14.5%, over the next trading session to close at $298.30 per share on March 31, 2021, thereby injuring investors further.
Follow us for updates on Twitter: twitter.com/FRC_LAW.
If you purchased Ubiquiti securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210407005411/en/
The Law Offices of Frank R. Cruz Announces Investigation of Ubiquiti Inc. (UI) on Behalf of Investors
Contacts
The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007
fcruz@frankcruzlaw.com
www.frankcruzlaw.com
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.