SEATTLE, Feb. 24, 2016 /PRNewswire/ -- Israels & Neuman, PLC is a securities fraud law firm with offices in Denver, Colorado and Seattle, Washington. Israels & Neuman announces that its investment fraud attorneys have launched an independent investigation into United Development Funding IV (NASDAQ: UDF) stock losses.
United Development Funding IV is a publicly traded REIT (real estate investment trust) that is traded on the NASDAQ. United Development Funding IV stock fell to $3.20 at the end of trading on February 19, 2016. United Development Funding IV stock is now down over 80% since December 9, 2016.
Israels & Neuman's investigation commenced in response to the dramatic stock price fluctuation and major news outlets reporting that on February 22, 2016, United Development Funding IV was subpoenaed by a grand jury to hand over company documents. This follows last Thursday's (February 18, 2016) Federal Bureau of Investigation (FBI) raid on the offices of United Development Funding IV in Grapevine, Texas. Sources are reporting that FBI officials were seen carrying boxes out of the offices and loading them onto large trucks on Friday, February 19, 2016. The FBI action likely arose from a Securities Exchange Commission (SEC) investigation into the company's affairs. A Dallas hedge fund Hayman Capital Management has alleged that United Development Funding IV "exhibits characteristics of a Ponzi scheme".
Financial advisors have a duty to perform adequate due diligence on an investment before recommending such to an investor. If the advisor fails to do so, they could be liable for investor losses. Israels & Neuman currently represents an investor who lost money in United Development Funding IV, and would like to speak with other investors.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado and Seattle, Washington. We represent investors in FINRA arbitration proceedings in all 50 states. Our attorneys have represented over one thousand investors against many brokerage firms in the past.
If you invested in United Development Funding IV and have suffered losses, please at 720-599-3505 or (206) 795-5798 for a no cost evaluation of your case. Israels & Neuman is not affiliated with any government agency.
SOURCE Israels & Neuman, PLC