Ubiquiti Inc. (UI)
Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Ubiquiti Inc. ("Ubiquiti" or "the Company") (NYSE: UI). The investigation concerns whether Ubiquiti and certain of its officers and/or directors have violated federal securities laws.
On January 11, 2021, Ubiquiti revealed a breach had exposed customer account credentials. Following this news, Ubiquiti stock dropped $13.69 per share, or 5%, over the next two trading days. Then on March 30, 2021, the Krebs on Security posted a report called, “Whistleblower: Ubiquiti Breach ‘Catastrophic’” and stated 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.” The report continued to quote 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.” Following this news, Ubiquiti stock dropped during intraday trading on March 30, 2021.
If you are aware of any facts relating to this investigation, or purchased Ubiquiti shares, you can assist this investigation by visiting contacting the firm. You can also contact Peretz Bronstein or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.