Lawsuit filed for Investors in shares of Ubiquiti Inc. (NYSE: UI)

An investor, who purchased shares of Ubiquiti Inc. (NYSE: UI), filed a lawsuit in the over alleged violations of Federal Securities Laws by Ubiquiti Inc. in connection with certain allegedly false and misleading statements made.

Investors who purchased shares of Ubiquiti Inc. (NYSE: UI) have certain options and for certain investors are short and strict deadlines running. Deadline: July 19, 2021. NYSE: UI investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

On January 11, 2021, Ubiquiti Inc. disclosed that a breach involving a third-party cloud provider had exposed customer account credentials.
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.”

Shares of Ubiquiti Inc. (NYSE: UI) declined from $401.81 per share on March 29, 2021, to $272.89 per share on April 12, 2021.

The plaintiff claims that between January 11, 2021 and March 30, 2021, the Defendants, in their statements concerning the data breach, failed to speak fully and truthfully because they failed to disclose to investors that the Company had downplayed the data breach in January 2021, 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 single sign-on (SSO) cookies, that, as a result, intruders already had credentials needed to remotely access Ubiquiti’s customers’ systems, and 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.

Those who purchased shares of Ubiquiti Inc. (NYSE: UI) have certain options and should contact the Shareholders Foundation.

Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

This release was published on openPR.