On October 18, 2016, United Development Fund IV (“UDF”) announced its receipt of a notice of delisting from the parent entity of the NASDAQ exchange. This notice came in response to UDF’s inability to meet its filing deadline for disclosure documents. UDF has been suspended from trading on NASDAQ since February, when the FBI raided its headquarters in Grapevine, Texas.
In addition to announcing itself unable to meet the disclosure deadline, UDF also informed NASDAQ on October 13 that it had received a “Wells Notice” from the Securities and Exchange Commission (“SEC”) A Wells Notice is the SEC’s notification that it intends to recommend enforcement action against an entity and/or individuals– in this case, UDF and associated individuals.
The Peiffer Wolf Carr & Kane investor rights lawyers have been contacted by hundreds of UDF investors, and have already filed cases on behalf of UDF IV and other UDF investors against the broker-dealers who sold unsuitable UDF investments to investors. The Peiffer Wolf Carr & Kane lawyers are preparing to file more cases on behalf of investors.
Typically, the firm takes cases of this type on a contingency-fee basis and advances costs, only receiving payment for fees and costs from the awards recovered for clients.
Investors who have invested in UDF programs may contact attorneys Joe Peiffer or James Booker toll-free at 504-523-2434, by email at jpeiffer@pwcklegal.com, or through the contact form on this website to learn more about the investigation and to discuss their potential recovery options.