ACCESS Newswire
04 Aug 2022, 23:55 GMT+10
UNITY SOFTWARE INC. Company News: Berger Montague Investigates Securities Fraud Allegations Against Unity Software Inc. (NYSE: U); Lead Plaintiff Deadline is September 6, 2022
PHILADELPHIA, PA / ACCESSWIRE / August 4, 2022 / Berger Montague is investigating securities fraud allegations on behalf of investors who purchased the securities Unity Software Inc. ('Unity' or the 'Company') (NYSE:U) between March 5, 2021 and May 10, 2022 (the 'Class Period').
If you purchased the securities of Unity during the Class Period, would like to discuss Berger Montague's investigation, or have questions concerning your rights or interests, please contact attorneys Andrew Abramowitz at [email protected] or (215) 875-3015, or Michael Dell'Angelo at [email protected] or (215) 875-3080 or visit: https://investigations.bergermontague.com/unity-software-inc/
Whistleblowers: Anyone with non-public information regarding Unity is encouraged to confidentially assist Berger Montague's investigation or take advantage of the SEC Whistleblower program. Under this program, whistleblowers who provide original information may receive rewards totaling up to thirty percent (30%) of recoveries obtained by the SEC. For more information, contact us.
On May 10, 2022, after the market closed, Unity announced its first quarter 2022 financial results. The Company reduced its fiscal 2022 guidance due to challenges with monetization products. Specifically, 'a fault in [the Company's] platform . . . resulted in reduced accuracy for [its] Audience Pinpointer tool, a revenue expensive issue given that [the] Pinpointer tool experienced significant growth post the IDFA changes.'
On this news, Unity's stock fell $17.83 per share - 37% - to close at $30.30 per share on May 11, 2022.
The complaint alleges that throughout the Class Period, Defendants failed to disclose to investors that: (1) deficiencies in Unity's product platform reduced the accuracy of the Company's machine learning technology; (2) the foregoing was likely to have a material negative impact on the Company's revenues; and (3) accordingly, Unity had overstated its commercial and financial prospects for 2022.
Berger Montague, with offices in Philadelphia, Minneapolis, Washington, D.C., and San Diego, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.
Contacts
Andrew Abramowitz, Senior Counsel
Berger Montague
(215) 875-3015
[email protected]
Michael Dell'Angelo, Executive Shareholder
Berger Montague
(215) 875-3080
[email protected]
SOURCE: Berger Montague
Get a daily dose of Atlanta Leader 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 Atlanta Leader.
More InformationISTANBUL/PARIS/BRUSSELS: As searing temperatures blanket much of Europe, wildfires are erupting and evacuation orders are being issued...
VENICE, Italy: Over the weekend, hundreds of protesters marched through the narrow streets of Venice to voice their opposition to billionaire...
PARIS, France: France is taking stronger steps to reduce smoking. A new health rule announced on Saturday will soon ban smoking in...
WASHINGTON, DC - U.S. President Donald Trump on Tuesday claimed Elon Musk's success has been built on government subsidies. Without...
EVERGLADES, Florida: Over the weekend, a diverse coalition of environmental activists, Native American leaders, and residents gathered...
BEIJING, China: China's national soccer team may struggle to stir excitement, but its humanoid robots are drawing cheers — and not...
NEW YORK, New York - U.S. stocks diverged on Wednesday for the second day in a row. The Standard and Poor's 500 hit a new all-time...
NEW YORK CITY, New York: The U.S. dollar continues to lose ground, weighed down by growing concerns over Washington's fiscal outlook...
KABUL, Afghanistan: Afghanistan, long associated with war and instability, is quietly trying to rebrand itself as a destination for...
SANTA CLARA, California: Executives at Nvidia have quietly been cashing in on the AI frenzy. According to a report by the Financial...
NEW YORK, New York - Global stock indices closed with divergent performances on Tuesday, as investors weighed corporate earnings, central...
TORONTO, Canada: Canadian Prime Minister Mark Carney announced late on June 29 that trade negotiations with the U.S. have recommenced...