NEW YORK, July 06 10, 2022 (GLOBE NEWSWIRE) — Pomerantz LLP announces that a class action lawsuit has been filed against Unity Software, Inc. (“Unity” or the “Company”) (NYSE: U) and certain of its officers. The class action, filed in the United States District Court for the Northern District of California and registered as 22-cv-03962, is on behalf of a class consisting of all persons and entities other than defendants who purchased or otherwise acquired Unity securities between March 5, 2021 and May 10, 2022, both dates inclusive (the “Class Period”), seeking damages caused by the Defendants’ violations of federal securities laws Securities and to seek remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder, against the Company and certain of its senior executives.
If you are a shareholder who purchased or otherwise acquired Unity securities during the class period, you have until September 5, 2022 to ask the court to appoint you as the lead plaintiff in the class. A copy of the complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those applying by email are encouraged to include their mailing address, phone number and number of shares purchased.
[Click here for information about joining the class action]
Unity creates and operates an interactive real-time 3D content platform. The Company’s platform provides software solutions for creating, running and monetizing real-time interactive 2D and 3D content for mobile phones, tablets, PCs, consoles and augmented and virtual reality devices. One of the tools in the company’s product platform is the Audience Pinpointer, a user acquisition service that uses real-time user ratings at the time of an ad request.
The Complaint alleges that, throughout the Class Period, the Defendants made materially false and misleading statements regarding the company’s business, operations and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) deficiencies in Unity’s product platform reduced the accuracy of the machine learning technology of the society ; (ii) the foregoing was likely to have a material negative impact on the Company’s revenues; (iii) as a result, Unity had overestimated the Company’s business and/or financial outlook for 2022; (iv) as a result, the Company was likely to have to reduce its guidance for the 2022 financial year; and (v) as a result, the Company’s public statements were materially false and misleading at all material times.
On May 10, 2022, after the market closed, Unity announced its financial results for the first quarter of 2022. The company also cut its guidance for fiscal year 2022, citing “challenges with monetization products”. Specifically, Unity stated that “a defect in [Unity’s] Platform . . . resulted in reduced accuracy for [its] Audience Pinpointer tool, a revenue-intensive problem given that [the] The Pinpointer tool has seen significant growth after the IDFA changes. »
On this news, Unity’s stock price fell $17.83 per share, or about 37%, to close at $30.30 per share on May 11, 2022.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris and Tel Aviv, is recognized as one of the leading firms in the areas of corporate litigation, securities and antitrust. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues the tradition he established, fighting for the rights of victims of securities fraud, breaches of fiduciary duty and corporate misconduct. The firm recovered numerous multimillion-dollar damages on behalf of class members. See www.pomlaw.com
Robert S. Willoughby
888-476-6529 ext. 7980
Copyright 2022 GlobeNewswire, Inc.