NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Ubiquiti, Inc. (NYSE: UI) on behalf of Ubiquiti stockholders. Our investigation concerns whether Ubiquiti has violated the federal securities laws and/or engaged in other unlawful business practices.
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On January 11, 2021, Ubiquiti disclosed that a breach involving a third-party cloud provider had exposed customer account credentials.
On this news, Ubiquiti’s share price fell $13.69 per share, or 5%, over the next two trading days.
Then on March 30, 2021, the Krebs on Security posted an article entitled “Whistleblower: Ubiquiti Breach ‘Catastrophic’” stating that “[n]ow 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.” Further, the article quoted a letter from the source to the European Data Protection Supervisor stating “[i]t was catastrophically worse than reported, and legal silenced and overruled efforts to decisively protect customers” and “[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.”
On this news, Ubiquiti’s share price fell on March 30, 2021, to close at $349.00 per share.
If you purchased or otherwise acquired Ubiquiti shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker, Melissa Fortunato, or Marion Passmore by email at investigations@bespc.com, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
