FOR IMMEDIATE RELEASE:
NEW YORK, June 15, 2021 – Cohen Milstein Sellers & Toll PLLC is investigating Ubiquiti, Inc. (NYSE: UI) (“Ubiquiti” or the “Company”) following the filing of class action lawsuits alleging violations of federal securities law.
If you purchased Ubiquiti shares between January 11, 2021 and March 30, 2021 (the “Class Period”) and suffered an economic loss, you may wish to contact Cohen Milstein Partner Michael Eisenkraft at (212) 838-7797 or firstname.lastname@example.org to discuss your legal rights and options.
To serve as lead plaintiff, you must file a motion with the court by July 19, 2021. You are not required to file a lead plaintiff motion to take part in the litigation as an absent class member.
A lawsuit alleging violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by Ubiquiti and certain of the Company’s officers and directors was filed May 19, 2021 in the U.S. District Court for the Southern District of New York.
Based in New York, Ubiquiti develops and markets equipment and technology platforms for high-capacity Internet access, unified information technology, and consumer electronics.
The claims in the complaint are based on defendants’ alleged misrepresentations and omissions regarding a purportedly “catastrophic” data breach in December 2020. The Company did not formally disclose the breach, which investors learned of after media outlets published a January 11, 2021 email Ubiquiti sent to its customers alerting them to what it described as “unauthorized access to certain of our information technology systems hosted by a third party cloud provider” and recommending that they change their passwords.
After the markets closed on March 30, however, blogger Brian Krebs of Krebs on Security, published an article titled “Whistleblower: Ubiquiti Breach ‘Catastrophic’” in which he quoted a Ubiquiti security professional who claimed to have first-hand knowledge of the breach. According to the security professional, Krebs reported, “attacker(s) had access to 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, Ubiquiti shares plunged from $349.00 to close at $298.30 on March 31, 2021, a one-day decline of more than 14.5%.
Plaintiff alleges that defendants misrepresented and/or failed to disclose that: (1) the Company had downplayed the data breach in January 2021; (2) 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 cookies; (3) as a result, intruders already had credentials needed to remotely access Ubiquiti’s customers’ systems; and (4) 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.
Cohen Milstein encourages investors who purchased or otherwise acquired Ubiquiti shares or options from January 11, 2021 through March 30, 2021 or former employees with information about this matter to contact us prior to the July 19, 2021 lead plaintiff deadline.
A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your share in any recovery will not be enhanced or diminished by whether you decide to serve as a lead plaintiff. Any member of the proposed class may retain Cohen Milstein or other attorneys to serve as your counsel in this action or may do nothing and remain an absent class member.
Cohen Milstein has significant experience representing investors in securities class actions, having acted as lead counsel in hundreds of cases and recovered billions of dollars for plaintiffs since 1969. With more than 100 attorneys in offices in Washington, D.C., New York City, Chicago, Philadelphia, Palm Beach Gardens, Fla., and Raleigh, N.C., the firm is active in major litigation pending in federal and state courts throughout the nation. For more information visit www.cohenmilstein.com.
If you have any questions about this notice, the action, or your rights, please contact either of the following:
Michael B. Eisenkraft, Esq.
Cohen Milstein Sellers & Toll PLLC
88 Pine Street, 14th Floor
New York, NY 10005
Telephone: (888) 240-0775 or (212) 838-7797
Prior results do not guarantee a similar outcome. This may be considered Attorney Advertising.
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