United Development Funding IV (“UDF IV”), a Texas real estate investment trust recently suspended from trading by NASDAQ in the wake of an FBI raid of its headquarters and the service of grand jury subpoenas, recently filed a document with the Securities and Exchange Commission stating that it was found not to be in compliance with stock exchange rules.
The rules required UDF IV to file its annual report for the year ended December 31, 2015. As of April 7, 2016, UDF IV had not yet filed its annual report for 2015. Trading of UDF IV on a national stock exchange was halted on February 18, 2016, after its share price fell nearly 80%. UDF IV has not yet resumed trading on that exchange.
UDF IV indicated that it intends to submit a plan to regain compliance with listing rules within 60 days, which might allow it to resume trading. However, in a press release attached to the filing, UDF IV stated “no assurance can be given regarding the resumption of regular trading of the Trust’s securities.” UDF IV’s annual report for 2015 was due in early March, and has not yet been submitted.
The Peiffer Wolf Carr & Kane securities attorneys, Jason kane and Joe Peiffer, have been investigating UDF IV and have reviewed hundreds of pages of documents related to UDF. They have spoken with over 100 UDF investors and have been retained to seek recovery on behalf of investors.
Investors who believe they have lost money as a result of their investment in UDF may call Jason kane or Joe Peiffer for a free, no-obligation evaluation of their recovery options at 216-589-9280.