San Francisco, June 12, 2021 (Global News Agency)-Hagens Berman urges Ubiquiti Inc. (New York Stock Exchange:User Interface) Investors who have suffered heavy losses Submit your loss immediately. A securities fraud class action is pending, and some investors may file valuable claims.
Ubiquiti Inc. (New York Stock Exchange stock code:User Interface) Securities Fraud Class Action:
The center of the complaint was the defendant’s false disclosure of the nature and scope of Ubiquiti’s serious security breach.
Specifically, on January 11, 2021, Ubiquiti urged customers to change passwords and enable multi-factor authentication after discovering that certain IT systems hosted by third-party cloud providers had been accessed without authorization. The defendants also downplayed the seriousness of the incident and repeatedly stated that they did not realize the violation until January 2021.
But on March 30, 2021, when the truth emerged KrebsOnSecurity According to the report, the Ubiquiti security expert responsible for the company’s response to violations stated that (1) the work actually started in December 2020, (2) “[t]His violations are large-scale, customer data is at risk, and access to customer equipment deployed in companies and homes around the world is also at risk,” and (3) Violation disclosure on January 11, 2021 Was “diluted and intentionally written to imply a 3road Party cloud providers are in danger, and Ubiquiti is just a victim, not a target. ”
This news pushed Ubiquity’s stock price down sharply.
“We focused on investor losses and proved that Ubiquiti deliberately misrepresented the safety of its core business,” said Reed Kathrein, a partner at Hagens Berman, who led the investigation.
If you are an Ubiquiti investor and have suffered significant losses, or have knowledge that may help the company’s investigations, Click here to discuss your legal rights with Hagens Berman.
Reporter: People with non-public information about Ubiquiti should consider their options to help investigate or take advantage of the SEC whistleblower program. According to the new plan, whistleblowers who provide original information may be rewarded up to 30% of the successful recovery by the SEC. For more information, please call Reed Kathrein 844-916-0895 Or email [email protected].
About Hagens Berman
Hagens Berman is a national law firm with eight offices and more than 80 lawyers in eight cities across the country. The company represents investors, whistleblowers, workers and consumers in complex litigation.For more information about the company and its success, please visit hbsslaw.com. For the latest news, please visit our Editorial department Or follow us on Twitter @classactionlaw.
Reed Catherine, 844-916-0895