BOSTON, Jan. 7, 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 a lawsuit filed today by Block & Leviton LLP alleging that they violated the Federal Securities Laws.
The suit, filed in Federal Court in the Northern District of Texas, alleges that defendants 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. When these facts came to light on December 10 and 11, 2015, shares in UDF plummeted by more than 50%.
If you purchased or otherwise acquired UDF securities between June 4, 2014 and December 10, 2015 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 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 throughout the country. The firm's lawyers have collectively been prosecuting securities cases for over 70 years, have recovered billions of dollars for investors and represent 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