PITTSBURGH, Oct. 1, 2012 /PRNewswire/ -- Notice is hereby given by the Law Office of Alfred G. Yates Jr., P.C. that it has filed a class action the United States District Court for the Northern District of California on behalf of purchasers of Ubiquiti Networks, Inc. ("Ubiquiti") (Nasdaq: UBNT) common stock during the period between October 14, 2011 and August 9, 2012 (the "Class Period"), and/or who acquired Ubiquiti common stock pursuant or traceable to the Company's October 14, 2011 initial public offering ("IPO").
If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Alfred G. Yates Jr., Esquire at 1-800-391-5164, toll free, or at email@example.com by e-mail. Please visit http://yatesclassactionlaw.com for more information. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. If you wish to serve as lead plaintiff, you must move the Court no later than November 6, 2012.
The complaint charges Ubiquiti, certain of its officers and directors and the underwriters of its IPO with violations of the Securities Exchange Act of 1934 and the Securities Act of 1933. The complaint alleges that during the Class Period and in the Registration Statement and Prospectus issued in connection with the IPO, defendants issued materially false and misleading statements regarding the Company's business practices and financial results. Specifically, defendants failed to disclose negative trends in Ubiquiti's business, including widespread problems associated with counterfeit versions of its AirMax wireless gear being made available to the market. As a result of defendants' false statements, Ubiquiti stock traded at artificially inflated prices during the Class Period, reaching a high of $35 per share on May 1, 2012.
Plaintiff seeks to recover damages on behalf of all purchasers of Ubiquiti common stock during the Class Period and/or who acquired Ubiquiti common stock pursuant or traceable to the Company's October 14, 2011 IPO.
The firm is also investigating actions on behalf of shareholders for the following companies: American Greetings Corp. (NYSE: AM); American Realty Capital Trust, Inc. (Nasdaq: ARCT); Audience, Inc. (Nasdaq: ADNC); Questcor Pharmaceuticals, Inc. (Nasdaq: QCOR), Sealy Corporation (NYSE: ZZ), and West Coast Bancorp (Nasdaq: WCBO).
If you are a shareholder of any of the above companies and wish learn more about any of the investigations or have any questions, please contact Alfred G. Yates Jr., Esquire at 1-800-391-5164, toll free, or at firstname.lastname@example.org by e-mail.
SOURCE Law Office of Alfred G. Yates Jr., P.C.