The PennZone

BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces an investigation on behalf of Ubiquiti Inc. ("Ubiquiti" or the "Company") (NYSE: UI) investors concerning the Company's possible violations of federal securities laws.

On January 11, 2021, Ubiquiti disclosed that a breach involving a third-party cloud provider had exposed customer account credentials.

On this news, Ubiquiti's share price fell $13.69 per share, or 5%, over the next two trading days, damaging investors.

Then on March 30, 2021, the Krebs on Security posted an article entitled "Whistleblower: Ubiquiti Breach 'Catastrophic'" stating that "[n]ow a source who participated in the response to that breach alleges 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." Further, the article quoted a letter from the source to the European Data Protection Supervisor stating "[i]t was catastrophically worse than reported, and legal silenced and overruled efforts to decisively protect customers" and "[t]he breach was massive, customer data was at risk, access to customers' devices deployed in corporations and homes around the world was at risk."

More on The PennZone

• Expert Law Attorneys 2025 Best Attorneys
• Best Family Law Attorneys Of 2025 - ELA Awards
• Best Criminal Defense Attorneys Of 2025 - ELA Awards
• Americans Need $1.26 Million to Retire But Have Just $38K Saved — So They're Building Income Instead
• Does EMDR Really Work? New Article Explores How Trauma Gets Stuck in the Brain and How Healing Begins

On this news, Ubiquiti's share price fell $27.78, or 7%, to close at $349.00 per share on March 30, 2021. The stock price continued to decline by $50.70, or 14.5%, over the next trading session to close at $298.30 per share on March 31, 2021, thereby injuring investors further.

If you purchased Ubiquiti Inc. securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

---

Show All News | Report Violation