Science & Technology
Thu, September 13, 2012
BENSALEM, Pa.--([ BUSINESS WIRE ])--Law Offices of Howard G. Smith announces that it is investigating potential claims against Ubiquiti Networks, Inc. (aUbiquitia or the aCompanya) (NASDAQ:UBNT) concerning possible violations of federal securities laws. The investigation focuses on allegations that certain statements issued by the Company between October 14, 2011 and August 9, 2012 regarding Ubiquitias business and financial prospects were false and misleading.
Ubiquiti, together with its wholly owned subsidiaries, offers a portfolio of wireless networking products and solutions. The investigation is related to the Companyas May 1, 2012 announcement of disappointing financial results for third quarter fiscal 2012, and the disclosure that a former Ubiquiti distributor had stolen source codes and proprietary designs for the Companyas AirMax product line and was engaged in a scheme to manufacture and distribute counterfeit Ubiquiti products in direct competition with the Company. In addition, on August 9, 2012 Ubiquiti announced its fourth quarter fiscal 2012 financial results and also announced disappointing guidance for the first quarter of fiscal 2013 and that the distribution of the unauthorized copies of its AirMax products was more widespread than previously disclosed and would have a detrimental impact on the Companyas future results.
Following this news, the price of Ubiquiti stock declined $6.30 per share, to close on August 10, 2012 at $8.71 per share a" a one-day decline of nearly 42%.
If you purchased Ubiquiti common stock between October 14, 2011 and August 9, 2012, and/or acquired Ubiquiti common stock pursuant or traceable to the Companyas October 14, 2011 initial public offering, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to [ howardsmith@howardsmithlaw.com ], or visit our website at [ http://www.howardsmithlaw.com ].
