Update on United Development Funding
Are you concerned about you investment losses in United Development Funding? If so, the securities attorneys at The White Law Group may be able to help you by filing a FINRA Arbitration claim against the brokerage firm that sold you the investment.
According to a recent SEC investigation, United Development Funding III LP (UDF III), a Delaware limited partnership, United Development Funding IV (UDF IV), a publicly traded real estate investment trust (OTCMKTS: UDFI), and United Development Funding Income Fund V (UDF V), a Maryland real estate investment trust were collectively delinquent in their obligations to file timely periodic reports since September 30, 2015.
UDF III, UDF IV and UDF V failed to file a Form 10-Q, according to the SEC. Further, the NASDAQ halted trading on UDF IV common shares on February 18, 2016 due to the company not submitting timely filed audited financial statements and the company was delisted on May 18, 2017.
United Development Funding failed to file annual reports under the Exchange Act Section 13(a), under the Exchange Act Rule 13a-1 as well as quarterly reports under the Exchange Act Rule 13a-13.
On September 24th, 2018, the company was ordered by the SEC to respond to these allegations within 10 days and then participate in a prehearing conference with the SEC’s Division of Enforcement with 14 days.
Investigating Claims – United Development Funding
The White Law Group continues to investigate the liability brokerage firms may have for improperly selling United Development Funding investments.
If a brokerage firm overlooks suitability requirements, investors may have an actionable claim to recover their losses in a product in a claim through FINRA dispute resolution. The White Law Group has handled dozens of FINRA arbitration claims against brokerage firms involving the improper sale of UDF investments, including UDF III and UDF IV.
Brokers have a fiduciary duty to perform due diligence on any investment. They must ensure that investment recommendations are consistent with their client’s age, net worth, risk tolerance, investment experience and objectives, risk tolerance.
If you are concerned about your investments with United Development Funding the securities attorneys at The White Law Group may be able to help you. Please call the offices at (888)637-5510 for a free consultation.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Vero Beach, Florida.
For more information on The White Law Group, please visit our website at www.WhiteSecuritiesLaw.com.