Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Southern District of New York on behalf of shareholders of Ubiquiti Inc. (NYSE: UI) who purchased shares between January 11, 2021 and March 30, 2021.
Ubiquiti and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On March 30, 2021, post-market, Krebs on Security reported that the Company’s January 2021 data breach was “catastrophic,” and more extensive than portrayed by the Company, wherein the attacker(s) accessed “privileged credentials that were previously stored in the LastPass account of a Ubiquiti IT employee, and gained root administrator access to all Ubiquiti AWS [Amazon Web Services] accounts, including all S3 data buckets, all application logs, all databases, all user database credentials, and secrets required to forge single sign-on (SSO) cookies.”
On this news, shares of Ubiquiti fell $50.70, or 14.5%, to close at $298.30 per share on March 31, 2021, on unusually heavy trading volume.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until July 19, 2021 to request that the court appoint them lead plaintiff.