BOSTON, March 30, 2021 (GLOBE NEWSWIRE) -- Block & Leviton LLP (www.blockleviton.com), a national securities litigation firm, announces that it is investigating Ubiquiti, Inc. (NYSE: UI) for potential violations of the federal securities laws.
Ubiquiti is a major vendor of cloud-enabled Internet of Things (IoT) devices such as routers, network video recorders, and security cameras. On January 11, 2021, Ubiquiti disclosed that a breach involving a third-party cloud provider had exposed customer account credentials. Shares fell approximately 5.3% over the next two trading days. On March 30, 2021, well known cybersecurity analyst Brian Krebs reported that “a source who participated in the response to that breach” is alleging that 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.” This anonymous security professional stated that the breach “was catastrophically worse than reported, and legal silenced and overruled efforts to decisively protect customers. . . . The breach was massive, customer data was at risk, access to customers’ devices deployed in corporations and homes around the world was at risk.” On this news, shares are down significantly in intraday trading.
Block & Leviton LLP (www.blockleviton.com) is investigating whether Ubiquiti and certain of its executives may be liable for securities fraud. If you purchased or acquired shares of Ubiquiti and have questions about your legal rights or possess information relevant to this investigation, please contact Block & Leviton attorneys at (617) 398-5600, via email at firstname.lastname@example.org, or visit our website for information on the case.
Block & Leviton LLP is a firm dedicated to representing investors and maintaining the integrity of the country’s financial markets. The firm represents many of the nation’s largest institutional investors as well as individual investors in securities litigation throughout the United States. The firm’s lawyers have recovered billions of dollars for its clients.
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