BOSTON, Feb. 18, 2016 /PRNewswire/ -- United Development Funding IV ("UDF" or the "Company") (Nasdaq: UDF) and its executives Hollis M. Greenlaw and Cara D. Obert were named as defendants in three lawsuits filed recently in the Northern Distict of Texas. One of those lawsuits was filed by Block & Leviton LLP, the first law firm to commence an investigation of UDF in December 2015.
Today, Scott Gordon of NBC 5 News in Dallas reported that the FBI "raided the office" of UDF, and that "agents were seen carrying boxes out of United Development Funding on the 1300 block of Municipal Way and loading the boxes into large trucks." Trading in UDF shares was halted on this news, falling more than 50% before being frozen.
The lawsuits allege that UDF and certain of its executives made false or misleading statements about UDF IV's methods of operation, including the fact that UDF IV provided liquidity to other UDF companies and funds. UDF also revealed, on December 10, 2015 that it had been "cooperating since April 2014 with a nonpublic fact-finding investigation being conducted by the Staff of the Securities Exchange Commission". UDF had never previously revealed this SEC investigation.
If you purchased or otherwise acquired UDF securities on or after June 4, 2014 you may be a member of the alleged class. You may move the Court to be a lead plaintiff or you need not take any action at this time. If you wish to be a lead plaintiff, you must file a motion by tomorrow, Friday, February 19, 2016.
If you are interested in becoming a lead plaintiff, or have questions about your legal rights, or if you possess information relevant to this investigation, please contact attorney Jake Walker at (617) 398-5600 or by email at email@example.com. Confidentiality to whistleblowers or others with relevant information is assured.
Block & Leviton represents investors affected by violations of securities laws as well as whistleblowing employees who provide information about their employers' violations of law. The firm's lawyers have collectively been prosecuting securities cases for over 70 years, recovering billions of dollars for investors, and it represents some of the nation's largest institutional investors.
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Contact: BLOCK & LEVITON LLP Jake Walker 155 Federal St, Suite 400 Boston MA 02110 (617) 398-5600 firstname.lastname@example.org
SOURCE Block & Leviton LLP