SOURCE: Shalov Stone Bonner & Rocco LLP

Shalov Stone Bonner & Rocco LLP

September 12, 2009 13:51 ET

Shalov Stone Bonner & Rocco LLP Announces Class Action Against UCBH Holdings, Inc.

NEW YORK, NY--(Marketwire - September 12, 2009) - Shalov Stone Bonner & Rocco LLP announces that a class action lawsuit has been filed on behalf of all persons who purchased the securities of UCBH Holdings, Inc. ("UCBH" or the "Company") (NASDAQ: UCBH) between April 24, 2008 and September 8, 2009, inclusive (the "Class Period"). The lawsuit is pending in the United States District Court for the Northern District of California against UCBH, Thomas S. Wu, UCBH's former CEO and Chairman, and Ebrahim Shabudin, UCBH's former Chief Credit Officer.

The complaint alleges that, throughout the Class Period, defendants issued materially false and misleading statements concerning UCBH's financial condition and business prospects. Specifically, the financial statements and information issued by the Company in its press releases, quarterly reports and annual reports for the fiscal year 2008 were false and misleading because UCBH intentionally concealed millions of dollars of loan charge-offs and mounting bad loans. As a result of defendants' false and misleading statements, UCBH's securities traded at artificially inflated prices during the Class Period.

On May 20, 2009, UCBH filed a report on form 8-K stating that, because of accounting improprieties, it would have to restate its financial statements for 2008. On September 8, 2009, UCBH issued a press release that disclosed for the first time the fraud engaged in by defendants. Defendants Wu and Shabudin were forced to resign because of the fraud. On news of the pending restatements and of the accounting fraud, UCBH's stock price fell.

Shalov Stone Bonner & Rocco LLP has extensive experience in the prosecution of lawsuits on behalf of investors. For more information about the firm, please visit its website at:

If you purchased UCBH securities and would like additional information about your rights, please contact investor rights attorney Amanda C. Scuder, at Shalov Stone Bonner & Rocco LLP, 485 Seventh Avenue, Suite 1000, New York, New York 10018 (telephone: (212) 239-4340; email:

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