United Development Funding V (“UDF V”) recently filed a notice with the Securities and Exchange Commission (“SEC”), stating that it would be unable to timely file required SEC reports including its annual report. UDF V is part of the United Development Funding family of companies, which includes UDF IV and UDF III, which are currently being investigated by the securities attorneys at Peiffer Wolf Carr & Kane, Joe Peiffer and Jason kane.
UDF V’s filing states that it is “unable to complete its audited financial statements” due to the resignation of its auditor on November 19, 2015, and “the inability thus far to engage a new independent auditing firm.” The filing adds that UDF V “cannot provide assurance when a new independent auditing firm will be engaged.”
As of April 20, UDF V has not filed any documents with the SEC indicating that it has retained a new auditor. UDF V’s filings are available online, at www.sec.gov.
UDF’s corporate offices in Grapevine, Texas, were raided by the Federal Bureau of Investigation (“FBI”) on February 18, 2016. On that day, shares of UDF IV, another UDF program, fell nearly 80% and trading was halted on a major national stock exchange. UDF V has also failed to file an annual report for the year ended December 31, 2015.
Over 150 UDF investors, including investors in UDF IV and V, have contacted the Peiffer Wolf Carr & Kane lawyers so far, regarding their investments. The Peiffer Wolf Carr & Kane law firm has already filed a class action on behalf of UDF IV investors and is preparing additional proceedings on behalf of UDF investors. The firm takes most cases of this type on a contingency-fee basis and advance case costs, and only get paid for their fees and costs out of money they recover for their clients.
Investors who have invested in UDF V may contact attorneys Jason kane or Joe Peiffer toll-free at 216-589-9280, by email at email@example.com, or through the contact form on this website to learn more about the investigation and to discuss their potential recovery options.