Unity Software Inc. Class Action Lawsuit - U
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The Unity Software class action lawsuit seeks to represent purchasers or acquirers of Unity Software Inc. (NYSE: U) securities between March 5, 2021 and May 10, 2022, inclusive (the “Class Period”). The Unity Software class action lawsuit – captioned Das v. Unity Software, Inc., No. 22-cv-03962 (N.D. Cal.) – charges Unity Software and certain of its top executive officers with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Unity Software class action lawsuit, please provide your information in the form on this page. You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at firstname.lastname@example.org. Lead plaintiff motions for the Unity Software class action lawsuit must be filed with the court no later than September 6, 2022.
CASE ALLEGATIONS: Unity Software 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 Unity Software’s product platform is the Audience Pinpointer, a user acquisition service which uses real-time user valuation at the time of an ad request.
The Unity Software class action lawsuit alleges that, throughout the Class Period, defendants made false and misleading statements and failed to disclose that: (i) deficiencies in Unity Software’s product platform reduced the accuracy of Unity Software’s machine learning technology; (ii) this was likely to have a material negative impact on Unity Software’s revenues; (iii) accordingly, Unity Software had overstated its commercial and/or financial prospects for 2022; and (iv) as a result, Unity Software was likely to have to reduce its fiscal 2022 guidance.
On May 10, 2022, Unity Software announced its financial results for the first quarter of 2022. Unity Software also reduced its fiscal 2022 guidance, citing “challenges with monetization products.” Specifically, Unity Software stated that “a fault in [Unity Software’s] platform . . . resulted in reduced accuracy for [its] Audience Pinpointer tool, a revenue expensive issue given that [the] Pinpointer tool experienced significant growth post [identifier for advertisers] changes.” On this news, Unity Software’s stock price fell by approximately 37%, damaging investors.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Unity Software securities during the Class Period to seek appointment as lead plaintiff. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Unity Software class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Unity Software class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Unity Software class action lawsuit.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the 2021 ISS Securities Class Action Services Top 50 Report for recovering nearly $2 billion for investors last year alone – more than triple the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.