An investigation on behalf of investors in Ubiquiti Networks Inc (NASDAQ:UBNT) shares over potential wrongdoing at Ubiquiti Networks Inc was announced.
San Diego, CA -- (SBWIRE) -- 08/07/2018 -- An investigation was announced over potential breaches of fiduciary duties by certain officers and directors at Ubiquiti Networks Inc
Investors who purchased shares of Ubiquiti Networks Inc (NASDAQ:UBNT) and currently hold any of those NASDAQ:UBNT shares have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain Ubiquiti Networks Inc directors breached their fiduciary duties and caused damage to the company and its shareholders.
On September 18, 2017, a report was published entitled "Cintron Exposes Ubiquiti Networks," which detailed a series of "alarming red flags," indicating that the Company has been deceiving investors and is engaged in "corporate fraud," including, among other things, that the Company has misrepresented the size of its purported "Ubiquiti Community," as well as its levels of accounts receivable, among other things. This news caused Ubiquiti's stock price to fall, harming investors.
On February 20, 2018, Ubiquiti Networks Inc announced that it had received a subpoena from the Securities and Exchange Commission ("SEC") "requesting documents and information relating to a range of topics including metrics relating to the Ubiquiti Community, accounting practices, financial information, auditors, international trade practices, and relationships with distributors and various other third parties."
On February 22, 2018, a lawsuit was filed against Ubiquiti Networks Inc over alleged violations of Federal Securities Laws. The plaintiff claims that between May 9, 2013 and February 20, 2018, the Defendants made false and/or misleading statements and/or failures to disclose pertaining to a range of topics, including the number of the Company's purported user community was drastically overstated;, that it had exaggerated its publicly reported accounts receivable, and that as a result of the foregoing, Ubiquiti's publicly disseminated financial statements were materially false and misleading.
Those who purchased shares of Ubiquiti Networks Inc (NASDAQ:UBNT) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego
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