NEW YORK, June 11, 2021 /PRNewswire/ — Pomerantz LLP is investigating claims on behalf of investors of Ubiquiti Inc. (“Ubiquiti” or the “Company”) (NYSE: UI). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether Ubiquiti and certain of its officers and/or directors have engaged in securities fraud or 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, Ubiquit’s stock price fell $13.69 per share, or 5.32%, over the following two days, closing at $243.76 per share on January 13, 2021.
Then, on March 30, 2021, cybersecurity analyst Brian Krebs reported that “a source who participated in the response to that breach” alleged that 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.” This anonymous security professional stated that the breach “was catastrophically worse than reported, and legal silenced and overruled efforts to decisively protect customers. . . . The breach was massive, customer data was at risk, access to customers’ devices deployed in
