NEW YORK--(BUSINESS WIRE)--The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the USDC for the Northern District of Texas on behalf of investors who purchased United Development Funding IV (NasdaqGS: UDF) securities between June 4, 2015 and December 10, 2015.
Click here to learn about the case: http://docs.wongesq.com/UDF-Info-Request-Form-1070. There is no cost or obligation to you.
The complaint alleges that, among other allegations, on December 10, 2015, a published report on the Heritage Exchange claimed the Company was operating a “Ponzi-like real estate scheme” in order to raise capital to bail out failing prior vintages of the Company. This news saw United Development shares drop $6.05, or approximately 35%, to close at $11.15 per share. On this same day, the Company issued a press release disclosing that itself, along with a prior vintage of the Company, UDF III, “have been cooperating since April 2014 with a nonpublic fact-finding investigation being conducted by the SEC.” The following day, December 11, 2015, saw the Company’s stock drop an additional $2.60, or approximately 23.3%, to close at $8.55 per share.
If you suffered a loss in United Development you have until February 19, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff. To obtain additional information, contact Vincent Wong, Esq. either via email firstname.lastname@example.org, by telephone at 212.425.1140, or visit http://docs.wongesq.com/UDF-Info-Request-Form-1070.
Vincent Wong, Esq. is an experienced attorney that has represented investors in securities litigation involving financial fraud and violations of shareholder rights. Attorney advertising. Prior results do not guarantee similar outcomes.