United Development Funding IV’s (“UDF IV”) value on some investors’ statements has now been reduced to zero, the Peiffer Wolf investor right lawyers have learned. Trading of UDF IV shares on a national stock exchange was halted in February after news that the Federal Bureau of Investigation (“FBI”) raided UDF’s Texas offices and removed computers and other items pursuant to a federal subpoena hit the market and the stock’s price plummeted. The company has denied any wrongdoing, but has been unable to retain an auditor and file an annual report for the year ended December 31, 2015, according to company filings with the Securities and Exchange Commission.
Peiffer Wolf has been contacted by nearly 200 UDF investors regarding claims on their behalf in connection with their investments in United Development Funding programs. They have already filed a class action and are preparing many group arbitration cases against national brokerage firms that sold UDF IV to investors. The Peiffer Wolf attorneys are putting together groups of investors to bring group cases against a number of brokerage firms that sold UDF IV, including IMS Securities, VSR Financial, Capital Financial Services, Investors Capital Corp., Berthel Fisher & Company Financial Services, WFG Investments, Inc., and others. The Peiffer Wolf investigation has revealed that serious problems with UDF existed as early as 2010.
The Peiffer Wolf securities attorneys often represent investors in cases of this type on a contingency-fee basis, advance case costs and expenses, and only get paid out of money they recover for their clients. Investors who believe that have lost money as a result of their investments in UDF IV may contact Jason kane or Joe Peiffer for a free, no-obligation evaluation of their recovery options, toll-free at 216-589-9280, by email at firstname.lastname@example.org, or through the contact form on this website. The firm’s attorneys often respond to inquiries through this site with a follow-up call in a matter of minutes.