Class action lawsuit charges Unity and certain of its top executive officers with violations of the Securities Exchange Act of 1934.

Unity Software, Inc. (NYSE:U)

NASHVILLE, TENNESSEE, UNITED STATES, July 16, 2022 /EINPresswire.com/ -- The Law Offices of Timothy L. Miles, who has been leading the fight to protect shareholder rights for over 20 years, reminds investors that a that a purchaser of Unity Software, Inc. (NYSE: U) who suffered losses in Unity stock, filed a class action complaint against the Company for alleged violations of the Securities Exchange Act of 1934. The Unity Software class action lawsuit seeks to represent purchasers or acquirers of Unity securities between March 5, 2021 and May 10, 2022, inclusive (the “Class Period”). The Unity Software class action lawsuit is captioned Das v. Unity Software, Inc., No. 22-cv-03962 (N.D. Cal.)

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Unity Accused of Misleading Shareholders

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.

Unity Shareholders Urged to Contact the Firm

If you purchased Unity securities, have information, or have any questions concerning this announcement or your rights or interests with respect to these matters, please click here for more information or contact Timothy L. Miles, Esquire, at 615-587-7384, Toll-Free at 855-846-6529, or by email to tmiles@timmileslaw.com. If you inquire by email please include your mailing address, telephone number, and the number shares owned.

About Timothy L. Miles

Timothy L. Miles is a nationally recognized shareholder rights attorney raised in Nashville, Tennessee. Mr. Miles was recentely selected by Martindale-Hubbell^® and ALM as a 2022 Top Ranked Lawyer and a 2022 Top Rated Litigator. Mr. Miles also maintains the AV Preeminent Rating by Martindale-Hubbell^®, their highest rating for both legal ability and ethics. Mr. Miles is a member of the prestigious Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association, a superb rated attorney by Avvo, a recipient of the Lifetime Achievement Award by Premier Lawyers of America (2019) and recognized as a Distinguished Lawyer, Recognizing Excellence in Securities Law, by Lawyers of Distinction (2019).

Awards: Top Rated Litigator by Martindale-Hubbell^® and ALM (2019); 2019 Elite Lawyer of The South by Martindale-Hubbell^® and ALM (2019); Member of the Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association (2017-2019); AV^® Preeminent™ Rating by Martindale-Hubble^® (2014-2020); PRR AV Preeminent Rating on Lawyers.com (2017 & 2019); The Top-Rated Lawyer in Litigation™ for Ethical Standards and Legal Ability (Martindale-Hubble^® 2015); Lifetime Achievement Award by Premier Lawyers of America (2019); Superb Rated Attorney (Avvo); Avvo Top Rated Lawyer for (Avvo 2017-2020). Mr. Miles has authored numerous publications advocating for shareholdings including most recently: Free Portfolio Monitoring Services Offered by Plaintiff Securities Firms Provides Significant Benefits To Investors (Timothy L. Miles, Dec. 3, 2019).

Contact:
Timothy L. Miles, Esq.
Law Offices of Timothy L. Miles
109 Summit Ridge Ct.
Nashville, TN 37215
Telephone: (855-846-6529)
Email: tmiles@timmileslaw.com Website: www.classactionlawyertn.com
Timothy Miles
Law Offices Of Timothy L. Miles
+1 855-846-6529
email us here
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Timothy Miles
Law Offices Of Timothy L. Miles
+1 855-846-6529
email us here
Visit us on social media:
Facebook
Twitter
LinkedIn
Other

THE LAW OFFICES OF TIMOTHYY L. MILES; ACCOLADES, HONER AND RECOGNITIONS