The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, the Complaint alleges Defendants, in their statements concerning the data breach, failed to speak fully and truthfully because they failed to disclose to investors: (1) that the Company had downplayed the data breach in January 2021; (2) that 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 (SSO) cookies; (3) that, as a result, intruders already had credentials needed to remotely access Ubiquiti’s customers’ systems; and (4) that, 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.
Ubiquiti Inc. Securities Litigation
May 21, 2021 | Ubiquiti Inc. Common Stock NYSE: UI | Case Status: Filed
Filing Deadline: July 19, 2021
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First Identified Complaint
Nils Molder, et al. v. Ubiquiti Inc., et al.
First Identified Complaint Filings
|#||Document Title||Filing Date|
|1||Class Action Complaint for Violations of the Federal Securities Laws||May 19th, 2021|
|2||U.S. District Court Civil Docket||May 19th, 2021|