According to the Complaint, on May 1, 2012, after announcing disappointing third quarter fiscal year 2012 financial results, the Company acknowledged that Kozumi USA Corp., a former distributor of Ubiquiti’s, had stolen source codes and proprietary designs for the Company’s popular and profitable AirMax line of products and was engaged in a scheme to manufacture and distribute counterfeit Ubiquiti products in South America and other emerging markets in direct competition with the Company. On this news, shares in Ubiquiti plummeted over 17%, from a close of $35.00 per share on May 1, 2012 to $28.90 per share on May 2, 2012, on volume of over 4 million shares.Thereafter, on August 9, 2012, the Company announced its fourth quarter fiscal 2012 financial results and announced disappointed guidance for the first quarter of fiscal 2013. Ubiquiti admitted that the distribution of the unauthorized copies of its communications gear was more widespread than previously disclosed and would have a detrimental impact on the Company’s future results. On this news, shares in Ubiquiti declined almost 42%, from a close of $15.01 per share on August 9, 2012 to $8.71 per share on August 10, 2012, on volume of over 7 million shares. If you wish to serve as lead plaintiff, you must move the Court no later than November 7, 2012. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the proposed 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.
While Rigrodsky & Long, P.A. did not file the Complaint in this matter, the firm, with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.Attorney advertising. Prior results do not guarantee a similar outcome.