Energy News / Shareholders Foundation, Inc.

Deadline Upcoming in $6.8 Million Settlement in the Ubiquiti Networks Inc (NASDAQ:UBNT) Investor Lawsuit

Via: ReleaseWire

Updated 11:15 AM CST, Wed, November 29,2017

A settlement was reached with the defendants in the lawsuit filed on behalf of certain investors of Ubiquiti Networks Inc (NASDAQ:UBNT) over alleged securities laws violations and a deadline to submit the settlement claim is upcoming on December 5, 2017 and NASDAQ:UBNT investors should contact the Shareholders Foundation.

San Diego, CA -- (SBWIRE) -- 11/29/2017 -- A deadline is coming up on December 5, 2017 in the settlement reached in the securities class action lawsuit filed on behalf of investors who purchased shares of Ubiquiti Networks Inc (NASDAQ: UBNT) initial public offering on or about October 14, 2011.

Investors who purchased a significant amount of shares of Ubiquiti Networks Inc (NASDAQ:UBNT) initial public offering on or about October 14, 2011, have certain options and should contact the Shareholders Foundation by email at mail@shareholdersfoundation.com or call 858-779-1554.

The settlement proof of claim form or detailed settlement notice for the settlement in the Ubiquiti Networks Inc (NASDAQ: UBNT) Investor Securities Class Action Lawsuit can be downloaded at: http://shareholdersfoundation.com/case/ubiquiti-networks-inc-nasdaq-ubnt-investor-securities-class-action-lawsuit-09072012

In order to submit a claim an investor has to submit the claim proof to the class action claim administrator in a timely manner. The deadline to submit the proof with the class administrator is December 5, 2017. The class action administrator for this case is Garden City Group.

The lawsuit was originally filed in the U.S. District Court for the Northern District of California against Ubiquiti Networks Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between October 14, 2011 and August 9, 2012. According to the complaint the plaintiff alleges on behalf of purchasers of Ubiquiti Networks Inc (NASDAQ:UBNT) common stock during the period between October 14, 2011 and August 9, 2012 and/or who acquired Ubiquiti common stock pursuant or traceable to the Company's October 14, 2011 initial public offering, that Ubiquiti Networks Inc (NASDAQ:UBNT) certain of its officers and directors and the underwriters of its IPO violated the Securities Exchange Act of 1934 and the Securities Act of 1933. Specifically, the plaintiff alleges that between October 14, 2011 and August 9, 2012 and in the Registration Statement and Prospectus issued in connection with the initial public offering ("IPO)" defendants issued allegedly materially false and misleading statements regarding Ubiquiti Networks Inc's business practices and financial results.

On May 1, 2012, Ubiquiti Networks Inc announced its third quarter fiscal year 2012 financial results.

However, the plaintiff says that defendants allegedly failed to disclose negative trends in Ubiquiti Networks Inc business, including widespread problems associated with counterfeit versions of its AirMax wireless gear being made available to the market.

The plaintiff claims that defendants allegedly knew, but concealed from the investing public the true magnitude of the risks the Company faced from counterfeit goods, the widespread nature and extent of the counterfeit operations and the impact the counterfeit activities would have on the Company's future operating results, the increased risks to the Company's operations due to its unique business model, whereby it relied exclusively upon distributors to sell its products to end customers; and that the Company lacked the proper internal controls to prevent its product designs from being stolen and replicated.

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

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

For more information on this press release visit:
http://www.sbwire.com/press-releases/deadline-upcoming-in-68-million-settlement-in-the-ubiquiti-networks-inc-nasdaqubnt-investor-lawsuit-898331.htm

Media Relations Contact
Michael Daniels
858-779-1554
Email: Click to Email Michael Daniels
Web: http://www.ShareholdersFoundation.com