Law Firm of Frank R. Cruz Announces Filing of Securities Class Action Lawsuit on Behalf of Unity Software Inc. (U) Investors

LOS ANGELES–(BUSINESS WIRE)–The Law Firms of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of the persons and entities that purchased or otherwise acquired Unity Software Inc. (“Unity” or the “Company”) (NYSE:U) titles between March 5, 2021 and May 10, 2022, inclusive (the “Class Period”). Unit investors have until September 6, 2022 to file a petition of the main plaintiff.

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 cut its guidance for fiscal 2022 “due to issues with monetization products”. More specifically, “a defect of [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 stock fell $17.83, or 37%, to close at $30.30 per share on May 11, 2022, hurting investors.

The Complaint filed in this Class Action alleges that throughout the Class Period, the Defendants made materially false and/or misleading statements, and failed to disclose material adverse facts regarding the business, operations and societal prospects. Specifically, the 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 adverse impact on the Company’s revenues; (3) as a result, Unity had overstated its business and/or financial outlook for 2022; and (4) as a result, defendants’ positive statements about the company’s business, operations and prospects were materially misleading and/or lacked reasonable basis at all relevant times.

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If you purchased Unity securities during the Class Period, you may sue the Court no later than September 6, 2022 ask the Tribunal to appoint you as the principal plaintiff. To be a member of the Group, you do not have to perform any action at the moment; you can retain the services of a lawyer of your choice or take no action and remain an absent member of the Class. If you have purchased Unity securities, have information or want to know more about these claims, or have any questions regarding this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz of the law firm of Lawyers for Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, CA 90067 at 310-914-5007, by email at info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If requesting by email, please include your mailing address, phone number and number of shares purchased.

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