LOS ANGELES–(BUSINESS WIRE)–$UI #UI—The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Ubiquiti Inc. (“Ubiquiti” or “the Company”) (NYSE: UI) for violations of the securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Ubiquiti is the subject of an article posted by Krebs on Security on March 30, 2021. The article, titled “Whistleblower: Ubiquiti Breach ‘Catastrophic,’” alleges that “now a source who participated in the response to that breach alleges Ubiquiti massively downplayed a ‘catastrophic’ incident to minimize the hit to its stock price, and that the third-party cloud provider claim was a fabrication.” The article quotes a letter from the source to the European Data Protection Supervisor stating: “it was catastrophically worse than reported, and legal silenced and overruled efforts to decisively protect customers” and “the breach was massive, customer data was at risk, access to customers’ devices deployed in corporations and homes around the world was at risk.” Based on this news, shares of Ubiquiti fell by more than 7% on the same day.
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The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
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