SAN FRANCISCO, May 31, 2021 (GLOBE NEWSWIRE) — Hagens Berman urges Ubiquiti Inc. (NYSE: UI) investors with significant losses to submit your losses now. A securities fraud class action is pending and certain investors may have valuable claims.
Ubiquiti Inc. (NYSE: UI) Securities Fraud Class Action:
The complaint centers on Defendants’ false disclosures concerning the nature and scope of a serious security breach incident at Ubiquiti.
Specifically, on Jan. 11, 2021, Ubiquiti urged customers to change their passwords and enable multi-factor authentication after it became aware of unauthorized access to certain of its IT systems hosted by a third-party cloud provider. Defendants also downplayed the seriousness of the incident and repeatedly stated that they only became aware of the breach in Jan. 2021.
But, on Mar. 30, 2021, the truth emerged when KrebsOnSecurity reported that a Ubiquiti security professional who worked on the company’s response to the breach said (1) work actually began in Dec. 2020, (2) “[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,” and (3) the Jan. 11, 2021 breach disclosure was “downplayed and purposefully written to imply that a 3rd party cloud vendor was at risk and that Ubiquiti was merely a casualty of that, instead of the target of the attack.”
This news drove the price of Ubiquity shares sharply lower.
“We’re focused on investors’ losses and proving Ubiquiti intentionally misrepresented the security of a core business,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you are an Ubiquiti investor and have significant losses, or have knowledge that may assist the firm’s investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Ubiquiti should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email UI@hbsslaw.com.
About Hagens Berman
Hagens Berman is a national law firm with eight offices in eight cities around the country and over eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Reed Kathrein, 844-916-0895