SAN FRANCISCO, April 1, 2021 / PRNewswire / – Hagens Berman urges Ubiquiti Inc. (NYSE: UI) investors with significant losses to file their losses now. The company is investigating possible violations of the Securities Act and certain investors may have valuable claims.
Contact an attorney now: [email protected]
Ubiquiti Inc. (NYSE: UI) investigation:
The investigation is focused on whether Ubiquiti accurately reported the nature and extent of a recent security breach incident.
On January 11, 2021Ubiquiti urged customers to change their passwords and enable multi-factor authentication after learning of unauthorized access to certain information technology systems hosted by a third-party cloud provider. However, the company downplayed the severity of the incident and told its customers that it was currently unaware of any evidence of access to databases that host user data.
But go on March 30, 2021KrebsonSecurity published an article titled “Whistleblower: Ubiquiti Breach ‘Catastrophic'” which reported that a Ubiquiti security professional who helped the company respond to the two-month breach that began in December 2020 informed Krebs that the violation was disastrously worse than reported. Krebs quoted the source as saying “[t]The breach was massive, customer data was at risk, access to customer devices used in businesses and homes around the world was at risk. ” January 11, 2021 The breach disclosure was “downplayed and purposely written to imply that a third-party cloud provider was at risk and Ubiquiti was just a victim of it, rather than the target of the attack.” In reality, according to Krebs’ report, the attackers were given administrative access to Ubiquiti’s servers.
In response, Ubiquiti shares fell over 16% during intraday trading March 31, 2021.
“We are focusing on investor losses and whether Ubiquiti has deliberately misrepresented the safety of a core business,” he said Reed Kathrein, the Hagens Berman partner who led the investigation.
If you are one Ubiquiti Click here to discuss your legal rights with Hagens Berman.
Whistleblower: Individuals with nonpublic information about Ubiquiti should review their options to help with the investigation or to use the SEC’s whistleblower program. Under the new program, whistleblowers who provide original information can receive rewards of up to 30 percent for each successful SEC recovery. Please call for more information Reed Kathrein at 844-916-0895 or by email [email protected].
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SOURCE Hagens Berman Sobol Shapiro LLP