LOS ANGELES--(BUSINESS WIRE)--Lundin Law PC announces a class action lawsuit has been filed against United Development Funding IV (“UDF” or the “Company”) (Nasdaq: UDF). Investors who purchased or otherwise acquired shares between June 4, 2014 and December 10, 2015, inclusive (the “Class Period”) are encouraged to contact the Firm prior to the February 19, 2016 lead plaintiff motion deadline.
To participate in this class action lawsuit, please contact Brian Lundin, Esquire, of Lundin Law PC, at 888-713-1033, or via e-mail at firstname.lastname@example.org.
According to the complaint, the Company issued materially false and misleading statements to investors and/or failed to disclose: (1) that subsequent UDF companies provide significant liquidity to earlier vintage UDF companies, allowing them to pay earlier investors; (2) that if the funding mechanism funneling retail capital to the latest UDF company were halted, the earlier UDF companies would not be capable of standing alone, and the entire structure would likely crumble with investors left holding the bag; and (3) that UDF IV provided liquidity to UDF I, UMT and UDF III, among other affiliates, further exacerbating the problem and perpetuating the scheme
No class has been certified in the above action. Until a class is certified, you are not considered represented by an attorney. You may also choose to do nothing and be an absent class member.
Lundin Law PC was created by Brian Lundin, a securities litigator based in Los Angeles.
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