Block & Leviton announces that a lawsuit for violations of the federal securities has been filed against Ubiquiti Inc. (NYSE: UI) and certain of its executives.
On March 30, 2021, Krebs on Security reported that a whistleblower claimed that Ubiquiti’s January 11, 2021 data breach was “catastrophic,” and much more serious than the company previously let on. The report claims Ubiquiti hid a “massive” breach that put customer data and device security at risk. We are investigating whether Ubiquiti lied or misrepresented to investors the severity of the data breach when the Company announced it in January. On this news, the Ubiquiti share price dropped from its March 30, 2021 open of $375.30 to an April 1, 2021 close of just $289.15 per share, representing a two day drop of approximately 23%.