Ubiquiti Inc.

  • Dismissed

Investigation
05/19/2021

Initial Lawsuit
05/19/2021

Lawsuit Progression
07/30/2021

Dismissal
01/05/2022

Investigation

  • Continous Holding
    January 11, 2021 to March 30, 2021
  • Proposed Claim
    Securities Violation

Investigation into Ubiquiti’s data breach exposing customer account credentials and the company’s response.

Main Event

Whistleblower - "Catastrophic" Incident

03/30/2021

Research Report (No position)

Krebs on Security publishes a research report entitled “Whistleblower: Ubiquiti Breach ‘Catastrophic’” stating that 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 stock impact compares the closing price immediately preceding the date of the event and the following closing price. The price difference also reflects the overall mix of information.

Stock Impact

Close Previous close Price variation Percentage variation
$298.3 $349 $-50.7 -14.53%
See more on Factual Timeline

Initial Lawsuit

First Complaint - 05/19/2021

This is a class action on behalf of persons and entities that purchased or otherwise acquired Ubiquiti securities between January 11, 2021 and March 30, 2021, inclusive.

  • Filing Date
    05/19/2021
  • Class Period
    01/11/2021 to 03/30/2021
  • Transgression
    Securities Violation
  • Filing Firms
    Glancy Prongay & Murray LLP
  • Case Title
    Molder v. Ubiquiti Inc.
  • Docket Number
    1:21-cv-04520
  • Court
    New York Southern District Court
  • Free File
    Complaint

Allegations

According to the complaint, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, defendants allegedly failed to disclose to investors:

(1) that the Company had downplayed the data breach in January 2021;
(2) that 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) that, as a result, intruders already had credentials needed to remotely access Ubiquiti’s customers’ systems;
(4) that, 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.

Defendants

  • Company
    Ubiquiti
  • Chief Executive Officer
    Robert J. Pera
  • Chief Financial Officer
    Kevin Radigan

Lawsuit progression

  • Docket Number
    1:21-cv-04520
  • Court
    New York Southern District Court

Lead Counsel

07/30/2021

The court issued an order appointing the lead plaintiff and lead counsel.

  • Lead Counsel
    The Rosen Law Firm, P.A.
  • Lead Plaintiff
    Individual
  • Free File
    Order for lead

Second Amended Complaint

11/12/2021

This is a class action on behalf of persons and entities that purchased Ubiquiti securities on the NYSE between January 11, 2021 and March 30, 2021, inclusive.

Motion to Dismiss

10/22/2021

A motion to dismiss was filed with the court.

Dismissal

On 01/05/2022, plaintiff voluntarily dismissed the complaint.

Pursuant to Fed. R. Civ. P. 41(a)(1)(A)(ii), Lead Plaintiff Irit Lukomski, and Defendants Ubiquiti Inc., Robert 1. Pera, and Kevin Radigan, by their respective undersigned counsel, hereby stipulate to the dismissal of the above-captioned case without prejudice. No consideration has been given, offered, or promised to Lead Plaintiff or Lead Counsel in connection with this dismissal. All parties agree to bear their own costs and attomeys’ fees.

Free File
Stipulation/Order of Dismissal

[stockdio-historical-chart symbol=”UI” stockExchange=”NYSENasdaq” width=”500″ height=”330″ motif=”blinds” palette=”humanity” includeVolume=false]

Factual Timeline

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