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Potential Grizzlies Owner Sees Stock Slip Again

The stock price for the company owned by the man who's agreed to purchase the Grizzlies plummeted Thursday after the company warned investors of impact from a counterfeiting scheme, reports Kyle Veazey of the Memphis Commercial Appeal. Robert Pera's Ubiquiti Networks was down to $9.55 per share this evening after closing at $15.01 prior to the release of its earnings report. The company was trading at more than $30 a share in April. 

Pera declined comment about the Grizzlies in a conference call discussing the company's report. Pera is reportedly seeking local investors to join his bid. An New York Daily News story in June said a rapid decline of Pera's net worth was endangering his deal with current owner Michael Heisley, but Heisley said shortly thereafter he had no reason to expect Pera would not meet the $335MM purchase price. NBA commissioner David Stern said last month the league's vetting of Pera was on schedule and that he hopes the sale will be finalized in the next couple of months.

Ubiquiti is pursuing legal action against the counterfeiters who are affecting the company's sales. The company said it's likely to continue to feel the effects for the next two quarters. Ubiquiti juxtaposed the news with an otherwise positive sales report, saying revenue in the last quarter was up 40 percent over the same quarter a year ago.

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