BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith is investigating potential claims on behalf of investors of United Development Funding IV (“UDF IV” or the “Company”) (NASDAQ: UDF) concerning the Company’s and its officers’ possible violations of federal securities laws.
On December 10, 2015, a report was published on the Harvest Exchange alleging that the Company was operating a “Ponzi-like real estate scheme,” whereby successive UDF entities would raise capital to bail out prior vintages. On the same day, the Company issued a press release disclosing that the UDF companies “have been cooperating since April 2014 with a nonpublic fact-finding investigation being conducted by the Staff of the Securities and Exchange Commission.” On this news, the Company’s shares fell $6.05, or more than 35%, to close at $11.15 on December 10, 2015. Subsequently, on December 11, 2015, the stock plummeted another $2.60, or 23.3%, to close at $8.55 per share, thereby injuring investors.
If you purchased UDF IV securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by e-mail to firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com.
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