The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Unity Software Inc. (NYSE: U) who purchased shares between March 5, 2021 and May 10, 2022. The action, which was filed in the United States District Court for the Northern District of California, alleges that the Company violated federal securities laws.
In particular, the Unity lawsuit alleges that (i) deficiencies in U’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, U had overstated the Company’s commercial and/or financial prospects for 2022; (iv) as a result, the Company was likely to have to reduce its fiscal 2022 guidance; and (v) as a result, the Company’s public statements were materially false and misleading at all relevant times.
Shareholders have until September 6, 2022 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.