In re Ubiquiti Networks, Inc. Securities Litigation

Updated: January 31, 2017
Status: Ongoing Case

Case continues as Labaton Sucharow secures a reversal of the district court's dismissal ruling.

On January 29, 2013, Labaton Sucharow, as co-lead counsel, filed an Amended Complaint on behalf of injured investors against wireless solutions provider, Ubiquiti, Inc.

The plaintiffs allege that during the class period the defendants failed to disclose negative trends in Ubiquiti's business, including widespread problems associated with counterfeit versions of its wireless products being made available to the market. This false and misleading statements were made in the company's Prospectus and Registration Statement pursuant to its IPO and in other communications to the market. As a result of the defendants' false statements, Ubiquiti stock traded at artificially inflated prices during the class period.

On May 15, 2014, the plaintiffs filed a notice of appeal to the court's ruling granting the defendant's motion to dismiss. On October 24, 2016, the Ninth Circuit reversed in part, affirmed in part, and remanded for further proceedings. Particularly, the court reversed the dismissal of the Section 11 and 15 claims. A Second Amended Complaint was filed on January 31, 2017.

The case is In re Ubiquiti Networks, Inc. Sec. Litig., No. 12-cv-04677 (N.D. Cal.). Lead plaintiffs are Bristol County and Inter-Local Pension Fund GCC/IBT. Labaton Sucharow represents Bristol County. The defendant is Ubiquiti Networks, Inc.