UI CLASS ACTION NOTICE: Glancy Prongay & Murray LLP Files Securities Fraud Lawsuit Against Ubiquiti Inc.

THE ANGEL–(BUSINESS WIRE) – Glancy Prongay & Murray LLP (“GPM”) announces that it has filed a class action lawsuit against Ubiquiti Inc. et al. In the US District Court for the Southern Borough of New York. (Case) filed No. 21-cv-04520) on behalf of any person or entity who, between January 11, 2021 and March 30, 2021 inclusive, acquired securities of Ubiquiti Inc. (“Ubiquiti” or the “Company”) ( NYSE: UI) or otherwise acquired (the “Class Period”). Plaintiff is pursuing claims under Sections 10 (b) and 20 (a) of the Securities Exchange Act of 1934 (the “Exchange Act”).

Investors are hereby notified that they have 60 days from this notification to appoint the court as the lead plaintiff in this lawsuit.

If you have suffered a loss on your Ubiquiti investment or would like to inquire about whether you may be able to make claims to recover your loss under federal securities laws, you can use your contact information at https://www.glancylaw.com/cases / Submit ubiquiti-inc /. You can also contact Charles H. Linehan of GPM at 310-201-9150, toll free at 888-773-9224, or by email at [email protected] or on our website at www.glancylaw.com for more information about your rights.

On March 30, 2021, after the market closed, Krebs on Security published an article titled “Whistleblower: Ubiquiti Breach ‘Catastrophic'” which stated that the company downplayed a January 2021 data breach and that the claim from a third-party cloud provider was an invention. “According to the article, the attackers had accessed privileged credentials previously stored in a Ubiquiti IT professional’s LastPass account and gained root administrator access to all Ubiquiti AWS [Amazon Web Services] Accounts, including all S3 data buckets, all application logs, all databases, all user database credentials, and secrets required to forge SSO (single sign-on) cookies. “So the article suggested that the company should immediately invalidate customers’ credentials and force a reset instead of asking customers to change their passwords the next time they log in.

In that news, the company’s share price fell $ 50.70, or 14.5%, to close at $ 298.30 per share on March 31, 2021 in an unusually high trading volume.

The complaint filed in this class action alleges that throughout the collection period the defendants made materially false and / or misleading statements and did not disclose material adverse facts about the business, business and prospects of the company. In particular, defendants did not speak fully and truthfully in their data breach statements because they failed to tell investors: (1) that the company downplayed the data breach in January 2021; (2) that attackers have been given administrative access to Ubiquiti’s servers, including access to all databases, user database credentials, and secrets required to forge single sign-on (SSO) cookies; (3) As a result, intruders already had the necessary credentials to remotely access Ubiquiti customers’ systems. and (4) as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations and prospects were materially misleading and / or unfounded.

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If you purchased or otherwise acquired Ubiquiti securities during the class period, you may move the court no later than 60 days after this notice and ask the court to appoint you as the lead plaintiff. You don’t need to take any action at this point to be a member of the class. You can keep an attorney of your choice or you can take no action and remain an absent member of the class. If you would like to learn more about this promotion, or have any questions about this announcement or your rights or interests in relation to these matters, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, toll free at 888-773-9224, email [email protected], or visit our website at www.glancylaw.com. When inquiring by email, please include your postal address, telephone number and the number of shares purchased.

This press release may be viewed as a solicitor advertisement in some jurisdictions under applicable laws and ethical rules.

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