Ubiquiti And Investor Reach $15M Settlement Agreement
Law360 (December 3, 2019, 3:46 PM EST) -- A potential class of investors in Ubiquiti Networks Inc. has reached a $15 million settlement agreement over allegations that the company lied about its user numbers and its internal controls, among other things, the class told a New York federal judge Tuesday.
Lead Plaintiff Xiya Qian called the proposed settlement "a very favorable resolution" for investors in her Dec. 2 motion for U.S. District Judge Victor Marrero to give preliminary approval to the settlement for the consolidated action.
Qian approximated that the multimillion-dollar total represents about 11% of the losses investors suffered as a result of Ubiquiti's alleged misrepresentations.
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