SOURCE: Dyer & Berens LLP

Dyer & Berens LLP

March 18, 2011 18:57 ET

The Denver-Based Law Firm of Dyer & Berens LLP Files Class Action Lawsuit on Behalf of Certain Investors Who Purchased United Western Bancorp, Inc. Common Stock (UWBK.PK)

DENVER, CO--(Marketwire - March 18, 2011) - The Denver, Colorado law firm of Dyer & Berens LLP (www.DyerBerens.com) today announced that it has filed a class action lawsuit in the United States District Court for the District of Colorado on behalf of investors who purchased or acquired United Western Bancorp, Inc. ("United Western" or the "Company") (PINKSHEETS: UWBK) common stock pursuant or traceable to the registration statement and prospectus issued in connection with the Company's September 17, 2009 offering (the "Class"). The case, which was filed on March 11, 2011, has been given Civil Action No. 11-cv-00624 and is assigned to Chief Judge Wiley Y. Daniel.

What actions may I take at this time? If you are a member of the Class (defined above) and wish to serve as a lead plaintiff, you must request appointment by the court no later than 60 days from today. If you would like to discuss this action, the lead plaintiff process or have any questions concerning this statutory notice, please contact plaintiff's counsel, Jeffrey A. Berens, Esq., at (888) 300-3362 x302, (303) 861-1764 or via email at jeff@dyerberens.com. Any member of the putative class may request a lead plaintiff appointment through counsel of its choice or may choose to do nothing and remain an absent class member. 

What are the allegations in the complaint? United Western is a unitary thrift holding company headquartered in Denver, Colorado, which operated United Western Bank as a wholly owned subsidiary during the relevant period. The complaint alleges that on September 17, 2009, pursuant to a false and misleading registration statement and prospectus, defendants consummated an $80 million stock offering to the public (the "Offering"). The true facts which were misrepresented and omitted from the Offering were: (i) United Western's mortgage backed securities ("MBSs") and collateralized mortgage obligations ("CMOs") were impaired to a far greater extent than the Company had disclosed; (ii) defendants failed to properly record losses for other than temporary impairment in United Western's non-agency MBSs and CMOs; (iii) the Company's internal controls were inadequate to prevent the Company from improperly reporting its impaired assets; and (iv) the Company's capital base was not adequate in light of the impairment of its assets. 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 drastically decline. Based upon the foregoing, the complaint charges United Western and certain of its officers, directors, auditors and investment banks with violations of the Securities Act of 1933. A copy of the complaint is available from the court or through Dyer & Berens LLP.

About Dyer & Berens LLP. The plaintiff is represented by several law firms, including Denver-based Dyer & Berens LLP. The firm's extensive experience in securities litigation, particularly in cases brought under the Private Securities Litigation Reform Act, has contributed to the recovery of hundreds of millions of dollars for aggrieved investors in Colorado and throughout the nation. 

Contact Information

  • Contact:

    Jeffrey A. Berens
    Dyer & Berens LLP
    303 East 17th Avenue, Suite 300
    Denver, CO 80203
    Tel: (888) 300-3362 x302 or (303) 861-1764
    Email: Email Contact
    Website: www.DyerBerens.com