UDF Gets NASDAQ Warning
On Monday, United Development Funding, the Texas-based investment and lending firm, disclosed that it received a letter from securities market NASDAQ indicating the firm’s United Development Funding IV real estate investment trust was not in compliance with listing rules. The warning reportedly stems from UDF IV’s alleged failure to file its 2015 Form 10-K within the required timeframe.
NASDAQ gave UDF IV 60 days to comply with the reporting rules.
In December, Kyle Bass, a Dallas hedge fund CEO, started a campaign against UDF, accusing the company of fraud and making inappropriate loans. UDF denied the claims. In February, federal agents raided UDF and seized company documents.
Meyer Wilson began investigating matters involving UDF in February. If you invested in UDF, call our securities fraud attorneys today for a free consultation to learn about your legal options. We may be able to help you recover your losses.
Discover the details of the UDF allegations below.