UDF IV Investment Losses
On October 24, 2016, the board of trustees of United Development Funding IV (UDF IV) announced that it has no recommendation and expresses no opinion regarding an amended third-party tender offer, from SCM Special Fund 3, LP and Mackenzie Capital Management, LP, of $1.00 per share for common stock of UDF IV.
The board’s lack of a recommendation is based on the board’s determination that without current financial information available, the board is not able to recommend whether shareholders should accept or reject the third party tender offer. UDF IV has not published financial statements for the year ending December 31, 2015, or for the quarters ending March 31, 2016 and June 30, 2016.
UDF IV engaged EisnerAmper LLP as its independent accounting firm in June 2016. However, UDF IV noted that it is not known when audited financial statements will be completed, or when UDF IV will file periodic reports with the SEC for the periods after September 30, 2016.
For more information on The White Law Group’s investigation of UDF IV see United Development Fund IV Delisted by NASDAQ.
Investors who purchased UDF investments based on the recommendation of a broker-dealer firm may be eligible to pursue claims in arbitration against the firm and seek compensation for any losses they suffered as a result of those investments.
Brokers have a fiduciary duty to perform due diligence on any investment and to insure that investment recommendations are consistent with their client’s age, net worth, risk tolerance, investment experience and objectives, risk tolerance. If a broker overlooks suitability requirements, investors may have an actionable claim to recover their losses in a product in a claim through FINRA dispute resolution.
Recovery of Investment Losses
The White Law Group has handled dozens of FINRA arbitration claims against brokerage claims involving those firms improper sale of UDF investments, including UDF III and UDF IV.
For a free consultation with a securities attorney, please call The White Law Group at 1-888-637-5510.
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.
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