Wouldn't surprise me if that was the case, looking at how the Ultrasone is built and designed, and looking at the quality of the components.
Looks like a driver baffle and ear cup that I'd (or any half decent engineer) design during a launch break, on a really, really lazy day, without caring at all about how the end product will turn out. It would literally take 10 minutes to design that in a CAD program from scratch to the point where it would be ready for a CNC machine. They didn't even bother designing a way to fasten the driver onto the baffle and make it replaceable, so they just glued it on...ridiculous for such an expensive headphone. And drivers look like they're some random off the shelf Chinese ones, look at that tiny magnet, even the entire driver body is made out of plastic, didn't bother making it out of aluminium like Beyedynamic does for example with high end models, it looks like a driver of a 20 dollar Sennheiser model.
So it's no wonder 2000 dollar Ultrasone headphones sound no better (and measure horribly) than well designed 200 dollar headphones.