ACCESS Newswire
10 Aug 2022, 21:31 GMT+10
SAN FRANCISCO, CA / ACCESSWIRE / August 10, 2022 / Hagens Berman urges Unity Software Inc. (NYSE:U) investors who have suffered significant losses to submit your losses now.
Class Period: Mar. 5, 2021 - May 10,2022
Lead Plaintiff Deadline: Sept. 6, 2022
Visit: www.hbsslaw.com/investor-fraud/UL
Contact An Attorney Now: [email protected]
844-916-0895
Unity Software Inc. (NYSE:U) Securities Fraud Class Action:
During the Class Period, Defendants claimed that Unity's Audience Pinpointer tool - which was developed last year to enable the company and its customers to navigate ad delivery following Apple's changes to its app advertising policies - delivers strong returns on investment to customers without manual guesswork.
The complaint alleges Defendants misrepresented and concealed: (1) deficiencies in Unity's product platform reduced the accuracy of its machine learning technology; (2) the foregoing was likely to have a material negative impact on Unity's revenues; and (3) accordingly, Unity overstated its commercial and financial prospects for 2022.
On May 10, 2022, Unity announced its Q1 2022 financial results and reduced its fiscal 2022 guidance. Management blamed the reduction on 'fault in our platform that resulted in reduced accuracy for our Audience Pinpointer tool,' disclosed 'we lost the value of a portion of our data, training data due in part to us ingesting bad data from a large customer,' and quantified the ingestion as having a $110 million negative impact on Unity's 2022 revenues.
This news sent the price of Unity shares down $17.83, or down 37%, wiping out over $3 billion in shareholder value.
'We're focused on investors' losses and proving Defendants misrepresented the functionality of Unity's Audience Pinpointer tool,' said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Unity Software and have significant losses, or have knowledge that may assist the firm's investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Unity Software should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected].
# # #
About Hagens Berman
Hagens Berman is a global plaintiffs' rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Contact:
Reed Kathrein, 844-916-0895
SOURCE: Hagens Berman Sobol Shapiro LLP
Get a daily dose of Boston Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Boston Star.
More InformationFRANKLIN, Tennessee: Hundreds of thousands of Nissan and Infiniti vehicles are being recalled across the United States due to a potential...
REDMOND, Washington: Microsoft is the latest tech giant to announce significant job cuts, as the financial strain of building next-generation...
LONDON UK - U.S. stock markets were closed on Friday for Independence Day. Global Forex Markets Wrap Up Friday with Greeback Comeback...
SANTA CLARA, California: Nvidia came within a whisker of making financial history on July 3, briefly surpassing Apple's all-time market...
SACRAMENTO, California: California's multibillion-dollar farms are facing a growing crisis—not from drought or pests, but from a sudden...
WASHINGTON, D.C.: President Donald Trump says the United States could soon reach a trade deal with India. He believes this deal would...
FRANKLIN, Tennessee: Hundreds of thousands of Nissan and Infiniti vehicles are being recalled across the United States due to a potential...
]LONDON, U.K.: A World Health Organization (WHO) expert group investigating the origins of the COVID-19 pandemic released its final...
(Photo credit: Eric Canha-Imagn Images) Boston right-hander Walker Buehler looks to put a horrid six-start stretch behind him when...
(Photo credit: Mady Mertens-Imagn Images) The Cincinnati Reds are becoming known for their resilience. Fresh off an impressive...
(Photo credit: Kamil Krzaczynski-Imagn Images) The Chicago Cubs set a franchise record by bashing eight home runs in a single game...
(Photo credit: Grace Smith/IndyStar / USA TODAY NETWORK via Imagn Images) The Indiana Fever look to extend their winning streak to...