More United Development Funding investors represented by the Peiffer Rosca Wolf investor right lawyers are filing cases against stock brokerage firms that recommended and sold to them investments in UDF programs such as UDF III, UDF IV, UDF V, and UDF Land Opportunity Fund. —
The UDF investors are alleging that the United Development Funding programs sold to them by said brokerage firms were unsuitable given such investors’ risk tolerance. “Brokerage firms have a duty to adequately vet the investment products they recommend to their customers and ensure such products are suitable and consistent with the investors’ risk profile,” said attorney Alan Rosca, a member of the Peiffer Rosca Wolf law firm. “We will continue to seek compensation, on behalf of our clients, from those brokerage firms that breach their duties to recommend suitable investments to their customers,” said attorney Rosca.
Nearly 400 investors in various UDF programs have contacted the Peiffer Rosca Wolf law firm. The firm’s lawyers are working with UDF investors to evaluate their matters and are preparing additional cases against brokerage firms that made unsuitable recommendations of UDF programs to investors.
United Development Funding Receives Wells Notice from SEC, UDF IV Trading Suspended by NASDAQ
On October 18, 2016 United Development Funding announced that it has received a notification letter from NASDAQ informing UDF that it would be indefinitely suspended from the exchange effective October 19, 2016. NASDAQ’s actioncomes in response to UDF’s failure to meet its October 17 deadline for filing audited financials.
UDF also disclosed it had received a Wells Notice from the Securities and Exchange Commission. A Wells Notice is notification from the SEC that it intends to recommend enforcement proceedings against the entity named in the Notice.
What UDF Investors Can Do
The Peiffer Rosca Wolf represent many UDF investors and are seeking compensation on their behalf from brokerage firms that sold unsuitable UDF products to customers. If you invested in a United Development Funding program and wish to obtain additional information about our investigation and cases we are preparing on behalf of other UDF investors, or would like to discuss this matter or your rights, please visit www.udfinvestigation.com and complete the contact form, or contact James Booker,Greg Gipson, or Alan Rosca, toll free at 888-998-0520 or by emailat firstname.lastname@example.org.
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