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Ubiquiti Inc.

Company NameUbiquiti Inc.
Stock SymbolUI

On January 11, 2021, Ubiquiti disclosed that a breach involving a third-party cloud provider had exposed customer account credentials.

On this news, Ubiquiti’s share price fell $13.69 per share, or 5%, over the next two trading days, damaging investors.

Then on March 30, 2021, the Krebs on Security posted an article entitled “Whistleblower: Ubiquiti Breach ‘Catastrophic’” stating that “[n]ow a source who participated in the response to that breach alleges Ubiquiti massively downplayed a ‘catastrophic’ incident to minimize the hit to its stock price, and that the third-party cloud provider claim was a fabrication.” Further, the article quoted a letter from the source to the European Data Protection Supervisor stating “[i]t was catastrophically worse than reported, and legal silenced and overruled efforts to decisively protect customers” and “[t]he breach was massive, customer data was at risk, access to customers’ devices deployed in corporations and homes around the world was at risk.”

On this news, Ubiquiti’s share price fell $27.78, or 7%, to close at $349.00 per share on March 30, 2021. The stock price continued to decline by $50.70, or 14.5%, over the next trading session to close at $298.30 per share on March 31, 2021, thereby injuring investors further.

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