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You must submit the settlement Proof form attached below, in order to participate in this settlement. There is a strict deadline of April 03, 2020 by which all claims must be submitted. The instructions for submitting are included in the Proof and the Notice files attached below for your download. DO NOT SEND THE FORMS TO THE SHAREHOLDERS FOUNDATION, INC.
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To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Lawsuit Overview
Settlement Overview
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December 11, 2019 - The court preliminarily approved the settlement.
December 2, 2019 - A stipulation and agreement of settlement was entered by the parties.
February 21, 2018 - An investor in shares of Ubiquiti Networks Inc (NASDAQ: UBNT) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Ubiquiti Networks Inc in connection with certain allegedly false and misleading statements made between May 9, 2013 and February 20, 2018.
New York based Ubiquiti Networks Inc develops performance networking technology for service providers and enterprises. The Company offers a portfolio of networking products and solutions. Its service provider product platforms provide carrier-class network infrastructure for fixed wireless broadband, wireless backhaul systems and routing. Ubiquiti Networks Inc reported that its Total Revenue rose from $666.39 million for the 12 months period that ended on June 30, 2016 to $865.27 million for the 12 months period that ended on June 30, 2017 and that its Net Income increased from $213.62 million to $257.51 million.
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 Networks Inc'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.”
Shares of Ubiquiti Networks Inc (NASDAQ: UBNT) declined from $75.88 per share on February 16, 2018 to $49.40 per share on February 20, 2018.
According to the complaint the plaintiff alleges on behalf of purchasers of Ubiquiti Networks Inc (NASDAQ: UBNT) common shares between May 9, 2013 and February 20, 2018, that the defendants violated Federal Securities Laws.
More specifically, 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 Networks Inc's publicly disseminated financial statements were materially false and misleading.