Key Developments: Ubiquiti Networks Inc (UBNT.O)
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Latest Key Developments (Source: Significant Developments)
Ubiquiti Networks Inc Issues Q4 2013 Guidance Above Analysts' Estimates
Ubiquiti Networks Inc announced that for the fourth quarter of 2013, it expects revenues of between $90 million and $96 million, GAAP Diluted EPS of between $0.25 and $0.28 and Non-GAAP Diluted EPS of between $0.26 and $0.29. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $86 million and EPS of $0.23 for the fourth quarter of 2013. Full Article
Ubiquiti Networks Inc Names Craig Foster as Chief Financial Officer
Ubiquiti Networks Inc announced that Craig Foster will join the company as Chief Financial Officer, effective March 4, 2013. Full Article
Ubiquiti Networks Inc Issues Q3 2013 Guidance Above Analysts' Estimates
Ubiquiti Networks Inc announced that for the third quarter of 2013, it expects revenues of between $76 million and $84 million. GAAP Diluted EPS of between $0.19 and $0.23 and Non-GAAP Diluted EPS of between $0.20 and $0.24. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $75 million and EPS of $0.19 for the third quarter of 2013. Full Article
Ubiquiti Networks Inc Announces Special Dividend
Ubiquiti Networks Inc announced that its Board of Directors has authorized a special cash dividend of $0.18 per share to be paid on December 28, 2012 to stockholders of record as of December 24, 2012. Full Article
Ubiquiti Networks Inc Announces Resignation Of CFO-Form 8-K
Ubiquiti Networks Inc reported in its Form 8-K that John Ritchie, Chief Financial Officer (CFO), has announced that he plans to leave Ubiquiti Networks, Inc. to pursue other opportunities. The Company has initiated a search for a new Chief Financial Officer (CFO) and Mr. Ritchie plans to remain with the Company through December 31, 2012 to ensure a seamless transition. Full Article
Ubiquiti Networks Inc Issues Q2 2013 Guidance Above Analysts' Estimates
Ubiquiti Networks Inc announced that for the second quarter of 2013, it expects revenues of $70 million to $78 million, GAAP Diluted EPS of $0.18 to $0.21 and Non-GAAP Diluted EPS of $0.17 to $0.20. According to I/B/E/S Estimates, analysts were expecting the Company to report revenue of $69 million and EPS of $0.17 for the second quarter of 2013. Full Article
Levi & Korsinsky, LLP Announces Class Action Against Ubiquiti Networks Inc
Ubiquiti Networks Inc announced that Levi & Korsinsky has announced a class action lawsuit has been commenced in the US District Court for the Northern District of California on behalf of investors who purchased Ubiquiti's stock between October 14, 2011 and August 9, 2012. Full Article
Law Offices Of Todd M. Garber Announces Lead Plaintiff Deadline In Class Action Lawsuit Against Ubiquiti Networks Inc
The Law Offices of Todd M. Garber announced that shareholders of Ubiquiti Networks, Inc. have until November 6, 2012 to move for lead plaintiff status in the shareholder lawsuit filed in the United States District Court for the Northern District of California. The lawsuit was filed on behalf of a class comprising all persons or entities who purchased or otherwise acquired the common stock of Ubiquiti between October 14, 2011 and August 9, 2012, inclusive, and/or all persons who acquired shares of Ubiquiti common stock pursuant or traceable to the Company's allegedly false and misleading Registration Statement and Prospectus issued in connection with October 14, 2011 initial public offering. The Complaint alleges that the defendants issued false and/or misleading statements and/or failed to disclose material adverse facts concerning the Company's business and operations, including true magnitude of the risks the Company faced from counterfeit copies of products including the AirMax product line; widespread nature and extent of counterfeit-product operations, and impact those activities would have on the Company's future operating results; increased risks to the Company's operations due to business model of relying exclusively on distributors to sell products to end customers; the Company lacked proper internal controls to prevent product designs from being stolen and replicated; the Company`s financial statements were materially false, misleading at all relevant times. Full Article
Law Offices of Todd M. Garber Announces Class Action Lawsuit Against Ubiquiti Networks Inc
The Law Offices of Todd M. Garber announced that a class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of a class comprising all persons or entities who purchased or otherwise acquired the common stock of Ubiquiti Networks Inc between October 14, 2011 and August 9, 2012, inclusive, and/or all persons who acquired shares of Ubiquiti common stock pursuant or traceable to the Company’s allegedly false and misleading Registration Statement and Prospectus issued in connection with its October 14, 2011 initial public offering. The Complaint alleges that the defendants issued false and/or misleading statements and/or failed to disclose material adverse facts concerning the Company's business and operations, including: (i) the true magnitude of the risks the Company faced from counterfeit copies of its products including the AirMax product line; (ii) the widespread nature and extent of the counterfeit-product operations, and the impact those activities would have on the Company’s future operating results; (iii) the increased risks to the Company’s operations due to its business model, whereby it exclusively relied on distributors to sell its products to end customers; (iv) that the Company lacked the proper internal controls to prevent its product designs from being stolen and replicated; and as a result of the above, the Company’s financial statements were materially false and misleading at all relevant times. Full Article
Faruqi & Faruqi, LLP Announces Investigation Of Securities Fraud At Ubiquiti Networks Inc
Faruqi & Faruqi, LLP, a national securities law firm, announced that it is investigating potential securities fraud at Ubiquiti Networks Inc.The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) the Company's product sales were suffering from widespread counterfeit goods; (2) the Company's operations were under increased risk due to Ubiquiti's unique business model, whereby it relied exclusively upon distributors to sell its products to end customers; and (3) the Company lacked the proper internal controls to prevent its product designs from being stolen and replicated. On May 1, 2012, after announcing disappointing third quarter fiscal year 2012 financial results, the Company acknowledged that a former distributor of Ubiquiti's had appropriated source codes and branded 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 direct competition with the Company. On this news, Ubiquiti stock declined $6.10 per share to close at $28.90 per share on May 2, 2012. Full Article
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