Ubiquiti Networks, Inc. (NASDAQ: UBNT)
On February 20, 2018, Defendants announced “[o]n February 13, 2018, the Securities and Exchange Commission (the “SEC”) issued subpoenas to Ubiquiti Networks, Inc. (the “Company”) and certain of the Company’s officers requesting documents and information relating to a range of topics, including metrics relating to the Ubiquiti Community, accounting practices, financial information, auditors, international trade practices, and relationships with distributors and various other third parties.”
This announcement drove the price of Ubiquiti shares down $18.76, or over 25%, to close at $55.28 on February 20, 2018.
Previous SEC filings show that Ubiquiti’s Chairman and Chief Executive Officer sold 1 million of his Ubiquiti shares for total proceeds of over $61 million during August 2017.
“We’re focused on the matters highlighted in Ubiquiti’s announcement, whether the Defendants flouted Generally Accepted Accounting Principles, whether the CEO’s sales were improper, and on investors’ losses,” said Hagens Berman partner Reed Kathrein.
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