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, Aug. 4, 2022 /PRNewswire/ -- 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 aabramowitz@bm.net or (215) 875-3015, or Michael Dell'Angelo at mdellangelo@bm.net 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
aabramowitz@bm.net
Michael Dell'Angelo, Executive Shareholder
Berger Montague
(215) 875-3080
mdellangelo@bm.net
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