ATLANTA, Feb. 29, 2016 /PRNewswire/ -- The investment fraud lawyers at The Doss Firm LLC and The Frankowski Firm LLC said today that their investigation into United Development Funding III and IV (UDF) is continuing after investors in the company's real estate investment trusts (REITs) contacted them.
The law firms, which represent investors nationally, said immediately after the FBI recently raided UDF's offices in Texas, UDF IV's per-share price fell to $3.20. The shares are more than 81 percent off of their December 2015 price of $17.20.
UDF's independent accounting firm also resigned and has not been replaced, according to published reports. Investors have lost approximately $1 billion in UDF investments and shareholder class action lawsuits have been filed, The Doss Firm LLC and The Frankowski Firm LLC have learned.
The firms are investigating the possibility of assisting UDF investors with the recovery of their losses, including investors who invested in UDF programs prior to June 2014. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients. UDF REIT investors are welcome to contact The Doss Firm LLC and The Frankowski Firm LLC for free case evaluations.
Jason Doss, of The Doss Firm LLC, said, "What investors need to know is this: class action lawsuits are designed to take a large group of investors with very small losses and aggregate them into a single lawsuit. At the end of the process, the recovery is typically small. There is another, better path for investors with significant losses, and that is filing a securities arbitration claim against the brokerage firm that sold the investment."
Richard Frankowski, of The Frankowski Firm LLC, said, "Investment advisers, brokers and their firms have a legal duty to understand and communicate to investors all the material facts about an investment, including the risks, before the investment is made. In other words, they have a duty not to misrepresent or fail to disclose any important facts before the investment is made. In addition, they have a duty not to recommend an investment that is unsuitable for the investor based on the investor's investment objective, risk tolerance and time horizon. If any of these duties is breached, and losses occur, the investor has a compelling claim to recover those losses in FINRA arbitration."
About The Doss Firm LLC and The Frankowski Firm LLC
Jason Doss and Richard Frankowski literally wrote the book on how to effectively represent investors in FINRA arbitrations. Their book, A Practitioners Guide to Securities Arbitration (American Bar Association), is used in law schools and practicing attorneys across the country. The attorneys at their firms collectively have over 30 years of experience representing aggrieved investors. Mr. Doss and Mr. Frankowski often represent investors who allege money lost as a result of Ponzi schemes, investment fraud, or stockbroker misconduct.
SOURCE The Doss Firm LLC