LOS ANGELES–(BUSINESS WIRE)–$STOCKS—The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Unity Software Inc. (“Unity” or the “Company”) (NYSE: U) securities between March 5, 2021 and May 10, 2022, inclusive (the “Class Period”). Unity investors have until September 6, 2022 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
On May 10, 2022, after the market closed, Unity announced its first quarter 2022 financial results. The Company also reduced its fiscal 2022 guidance “due to challenges with monetization products.” Specifically, “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, Unity’s stock fell $17.83, or 37%, to close at $30.30 per share on May 11, 2022, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, 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; (3) accordingly, Unity had overstated its commercial and/or financial prospects for 2022; and (4) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased Unity securities during the Class Period, you may move the Court no later than September 6, 2022 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased Unity securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to firstname.lastname@example.org, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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