Did you lose money on investments in Unity Software? If so, please visit Unity Software Inc. Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com to discuss your rights.
NEW YORK, Aug. 22, 2022 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, reminds investors of the deadline to file a lead plaintiff motion in a securities class action lawsuit that has been filed on behalf of investors who purchased or acquired the securities of Unity Software Inc. (“Unity” or the “Company”) (NYSE: U) between March 5, 2021 and May 10, 2022, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Northern District of California and alleges violations of the Securities Exchange Act of 1934.
Unity creates and operates an interactive real-time 3D content platform. The Company’s platform provides software solutions to create, run, and monetize interactive, real-time 2D and 3D content for mobile phones, tablets, PCs, consoles, and augmented and virtual reality devices. One of the tools on the Company’s product platform is the Audience Pinpointer, a user acquisition service which uses real-time user valuation at the time of an ad request.
Plaintiff alleges that Defendants made materially false and misleading statements throughout the Class Period. Specifically, Plaintiff alleges that Defendants failed to disclose that: (i) deficiencies in Unity’s product platform reduced the accuracy of the Company’s machine learning technology; (ii) the foregoing was likely to have a material negative impact on the Company’s revenues; (iii) accordingly, Unity had overstated the Company’s commercial and/or financial prospects for 2022; and (iv) as a result, the Company was likely to have to reduce its fiscal 2022 guidance.
On May 10, 2022, after the market closed, Unity announced its financial results for the first quarter of 2022. The Company also reduced its fiscal 2022 guidance, citing “challenges with monetization products.” Specifically, Unity stated that “a fault in [Unity’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, the Company’s stock price fell $17.83 per share to close at $30.30 per share on May 11, 2022.
If you wish to serve as lead plaintiff, you must move the Court no later than September 5, 2022. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased Unity Software securities, and/or would like to discuss your legal rights and options please visit Unity Software Inc. Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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Contact Information:
Peter Allocco
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com
