United Development Funding IV Suspended from NASDAQ, Fails to File Financial Statements, Receives Wells Notice; Peiffer Wolf Lawyers Filing More UDF Investor Cases

investment fraud attorney ClevelandUnited Development Funding investors are continuing to contact the Peiffer Wolf law firm in the wake of the news regarding UDF’s receipt of a Wells Notice from the Securities and Exchange Commission and UDF IV being suspended from trading on Nasdaq.

Hundreds of UDF investors have contacted the Peiffer Wolf investor right lawyers.  The Peiffer Wolf lawyers overseeing this matter, Joe Peiffer and James Booker, have been filing cases on behalf of investors against brokerage firms that made improper investment recommendations to their customers regarding the UDF investments.

United Development Funding IV (‘UDF”), a troubled Real Estate Investment Trust based in Grapevine, Texas, has announced its upcoming delisting by the NASDAQ Exchange. The news comes after UDF was suspended from trading in February, 2016, following an FBI raid on its headquarters. UDF told NASDAQ on October 13 that it would not be able to complete an audit in time to meet a NASDAQ-imposed deadline for submission of disclosure documents.

UDF also told NASDAQ that it had received a “Wells Notice” from the Securities and Exchange Commission (“SEC”) informing it that the SEC intends to recommend enforcement action against the Trust.

Receipt of the Wells Notice and the delisting are both signs of UDF’s continuing troubles, which Peiffer Wolf securities lawyers have followed for months. The firm would like to hear from investors who purchased UDF shares, as it prepares to take action on behalf of more UDF investors.

Investors who believe the y have lost money as a result of UDF’s alleged Ponzi scheme can contact the lawyers at Peiffer Wolf, Joe Peiffer or James Booker, at (216) 589-9280 or via email at jbooker@pwcklegal.com, for a free, no-obligation evaluation of their recovery options.

Peiffer Wolf (1315 Posts)

In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent blogs regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases.