SOURCE: Levi & Korsinsky, LLP

Levi & Korsinsky

January 12, 2016 12:01 ET

INVESTOR ALERT: Levi & Korsinsky, LLP Notifies Shareholders of United Development Funding IV of Class Action Lawsuit and a Lead Plaintiff Deadline of February 19, 2016 -- UDF

NEW YORK, NY--(Marketwired - January 12, 2016) - 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") (NASDAQ: UDFbetween June 4, 2015 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, 2015 and December 10, 2015, your rights may be affected by this action. To get more information go to:

http://zlk.9nl.com/united-development-funding-udf

or contact Joseph E. Levi, Esq. either via email at jlevi@zlk.com 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 Information

  • 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