The law firm of Wohl & Fruchter LLP announces that it has commenced an investigation concerning possible violations of federal securities laws and breaches of fiduciary duty by officers and directors of Ubiquiti Networks, Inc. (Ubiquiti) (NASDAQ: UBNT).
On August 9, 2012, Ubiquiti announced that overseas counterfeiting of its communications gear was more widespread than previously disclosed and could cause a 35% drop-off in its revenue this coming quarter.
Upon this news, UBNT shares fell over 40 percent to close at $8.71 on August 10, 2012, representing a loss of shareholder value of over $578 million.
Previously, reports have also appeared in the media that Ubiquiti may be under investigation by the U.S. Securities and Exchange Commission concerning whether it had knowledge of illegal sales of its technology to Iran.Persons with relevant information, and UBNT shareholders with questions about this investigation, are invited to contact our Firm by calling 866.582.8140. Additional information is available on our website at: http://www.wohlfruchter.com/cases/ubnt About Wohl & Fruchter Wohl & Fruchter LLP represents plaintiffs in litigation arising from fraud and other fiduciary breaches by corporate managers, as well as other complex litigation matters. Please visit our website, www.wohlfruchter.com, to learn more about our Firm, or contact one of our partners. This release may be deemed to constitute attorney advertising.