Thieler Law Corp advises investors with losses exceeding $100,000 of the July 19, 2021 lead plaintiff deadline in a class action lawsuit filed against Ubiquiti Inc. (NYSE: UI) (Ubiquiti Inc. or “the Company”). The suit is pending in the U.S. District Court for the Southern District of New York and investors, who purchased Ubiquiti Inc. securities between January 11, 2021 and March 30, 2021, have until July 19, 2021 to move for lead plaintiff. You do not need to move for lead plaintiff to be a member of the Class.

If you purchased Ubiquiti Inc. securities during the Class Period, and have losses over $100,000, you may contact Thieler Law Corp by calling at (619) 377 - 4324 or emailing mail@thielerlaw.com . No class has been certified in this case, and if your losses are less than $100,000 you are still a member of the class.

Ubiquiti develops and markets equipment and technology platforms for highcapacity Internet access, unified information technology, and consumer electronics.

On March 30, 2021, after the market closed, Krebs on Security published an article entitled “Whistleblower: Ubiquiti Breach ‘Catastrophic’” stating that the Company had downplayed a data breach from January 2021 and that the “third-party cloud provider claim was a fabrication.” According to the article, the attacker(s) had accessed “privileged credentials that were previously stored in the LastPass account of a Ubiquiti IT employee, and gained root administrator access to all Ubiquiti AWS [Amazon Web Services] accounts, including all S3 data buckets, all application logs, all databases, all user database credentials, and secrets required to forge single sign-on (SSO) cookies.” As a result, the article noted that the Company should have immediately invalidated customers’ credentials and forced a reset, rather than asking customers to change their passwords when they next log on.”

On this news, the Company’s stock price fell $50.70, or 14.5%, to close at $298.30 per share on March 31, 2021, on unusually heavy trading volume.

According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Ubiquiti had downplayed the data breach in January 2021; (2) the 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) as a result, intruders already had credentials needed to remotely access Ubiquiti’s customers’ systems; and (4) 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.

If you were negatively impacted by your investment in Ubiquiti Inc. (NYSE: UI) securities between  January 11, 2021 and March 30, 2021 and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, please contact us for your no-cost evaluation.

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