United Development Funding, a Texas-based real estate investment trust announced UDF investors yesterday that UDF IV would be delisted from trading on NASDAQ following its failure to timely file its financial statements after a second extension, and in the wake of its receipt of a “Wells Notice” from the Securities and Exchange Commission (“SEC”).
A Wells Notice is the official notification by the SEC that it intends to recommend enforcement action against UDF. UDF was raided in February by the FBI, and some of its officers were served with a federal grand jury subpoena in connection with potential criminal proceedings. That raid prompted a stock plummet to $3.20 which was only halted by the suspension of trading.
UDF Investors Represented by the Peiffer Wolf Lawyers Filing Cases Against Broker-Dealer Firms
UDF investors represented by the Peiffer Wolf investor right lawyers are continuing to file cases against securities broker-dealer firms that recommended they invest in unsuitable UDF investment products.
Hundreds of UDF investors have contacted the Peiffer Wolf investment lawyers Jason kane and James Booker. The Peiffer Wolf lawyers have been filing cases on behalf of many of them and are continuing to file such cases against brokerage firms.
“Before making an investment recommendation to a customer, a stock brokerage firm must ensure that such recommendation is suitable given the investor’s risk profile, and must adequately vet the product it recommends,” said attorney Jason kane, a member of the Peiffer Wolf law firm. “We will continue to seek compensation on behalf of victimized investors from those brokerage firms who disregard their duties to recommend appropriate investment products to their customers,” said attorney Rosca.
Investment Recovery Options for UDF Investors
The securities attorneys at Peiffer Wolf are preparing to file more claims on behalf of UDF investors. They have spoken to hundreds of UDF investors and have been retained by many of them for attempted recovery of the investors’ lost funds.
They typically take such cases primarily on a contingency-fee basis and only receive payment for their fees and the case expenses they advanced from money they recover on behalf of investors.
UDF investors who believe they have lost money invested in UDF as a result of improper investment recommendations by a brokerage firm or investment professional may contact Jason kane or James Booker for a free, no-obligation discussion of this matter, toll-free at 216-589-9280, by email at email@example.com, or through the contact form on this website.