A securities class action has been filed against Unity Software Inc. (U) on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Unity securities between March 5, 2021 through May 10, 2022. This case has been filed in the USDC – N.D.CA.
On May 10, 2022, after the market closed, Unity announced its financial results for the first quarter of 2022. The Company also reduced its fiscal 2022 guidance, citing “challenges with monetization products.” Specifically, Unity stated that “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 price fell $17.83 per share, or approximately 37%, to close at $30.30 per share on May 11, 2022.