NEW YORK, Feb. 17, 2016 /PRNewswire/ -- The following statement is being issued by Levi & Korsinsky, LLP:
To: All persons or entities who purchased or otherwise acquired securities of United Development Funding IV ("United Development" or the "Company") (NasdaqGS: UDF) between June 4, 2014 and December 10, 2015.
You are hereby notified that a securities class action lawsuit has been commenced in the USDC for the Northern District of Texas. If you purchased or otherwise acquired United Development securities between June 4, 2014 and December 10, 2015, your rights may be affected by this action. To get more information go to:
or contact Joseph E. Levi, Esq. either via email at firstname.lastname@example.org or by telephone at (212) 363-7500, toll-free: (877) 363-5972. 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.
Levi & Korsinsky is a national firm with offices in New York, New Jersey, California, Connecticut and Washington D.C. The firm's attorneys have extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Levi & Korsinsky, LLP Joseph E. Levi, Esq. 30 Broad Street - 24th Floor New York, NY 10004 Tel: (212) 363-7500 Toll Free: (877) 363-5972 Fax: (212) 363-7171 www.zlk.com
SOURCE Levi & Korsinsky, LLP