SOURCE: Brower Piven, A Professional Corporation

April 15, 2011 17:21 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $50,000 From Investment in United Western Bancorp, Inc. to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the May 17, 2011 Lead Plaintiff Deadline

STEVENSON, MD--(Marketwire - Apr 15, 2011) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the District of Colorado on behalf of purchasers of the common stock of United Western Bancorp, Inc. ("United Western" or the "Company") (PINKSHEETS: UWBK) pursuant and/or traceable to the registration statement and prospectus issued in connection with the Company's September 17, 2009 offering (the "Offering").

No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than May 17, 2011 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.

The complaint accuses the defendants of violations of the Securities Act of 1933 by virtue of the Company's failure to disclose in the Offering documents that United Western's mortgage backed securities ("MBSs") and collateralized mortgage obligations ("CMOs") were impaired to a far greater extent than the Company had disclosed; defendants failed to properly record losses for other than temporary impairment ("OTTI") in United Western's non-agency MBSs and CMOs; the Company's internal controls were inadequate to prevent the Company from improperly reporting its impaired assets; and the Company's capital base was not adequate in light of the impairment of its assets. According to the complaint, United Western ultimately announced multi-million dollar impairments in its investment securities portfolio, specifically in MBSs and CMOs, causing the price of its common stock to plummet while on January 21, 2011, the Federal Deposit Insurance Corporation ("FDIC") was appointed as receiver for United Western Bank by the Office of Thrift Supervision ("OTS") under the Federal Deposit Insurance Act. According to the complaint, as a consequence of the foregoing, the value of United Western's stock declined significantly.

If you have suffered a net loss for all transactions in United Western Bancorp, Inc. common stock pursuant and/or traceable to the registration statement and prospectus issued in connection with the Company's September 17, 2009 offering, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

  • CONTACT:
    Charles J. Piven
    Brower Piven, A Professional Corporation
    Stevenson, Maryland
    410/415-6616
    Email Contact