Settled: December 20, 2017
On December 20, 2017, the court granted final approval to the settlement reached with defendants in In re Ubiquiti Networks, Inc. Sec. Litig.
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. The 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.
Submit Claim Form
If you purchased or acquired the publicly traded common stock of Ubiquiti Networks, Inc. pursuant and/or traceable to Ubiquiti Networks, Inc.’s initial public offering on or about October 14, 2011, you may be entitled to receive money from the proposed settlement. To be eligible for a payment, you must submit a Claim Form to the Claims Administrator so that it is postmarked or electronically submitted no later than December 5, 2017.
A Settlement Hearing was held on December 19, 2017 before the Honorable Yvonne Gonzalez Rogers at 2:00 p.m., in Courtroom 1, 4th Floor of the Oakland Courthouse, 1301 Clay Street, Oakland, CA 94612.
If you have questions about the Settlement, please contact Labaton Sucharow at firstname.lastname@example.org or 1-888-218-6877, or contact the Claims Administrator, GCG at (844) 402-8574.