DALLAS, Sept. 11, 2009 – LawFuel.com – Legal Newswire — Kendall Law Group, led by a former federal judge and former U.S. Attorney, announces a shareholder investigation against UCBH Holdings, Inc. (Nasdaq:UCBH) for possible securities violations in relation to public statements made between April 24, 2008 and May 12, 2009.
On May 12, 2009, UCBH disclosed that it was delaying filing its first quarter of 2009 report with the SEC due to an ongoing assessment of the adequacy of their allowance for loan losses and that additional general reserve provisions to its allowance for loan losses were possible. The Company also disclosed that additional provisioning would further increase their net loss for the quarter ending March 31, 2009. As a result of these disclosures, UCBH shares dropped more than 20% to close on May 13, 2009 at $1.66 on heavy trade volume. Then, on September 8, 2009, UCBH announced the results of its investigation of these issues and determined that its management had concealed non-performing loans and misrepresented its financial condition through improper accounting methods. As a result, UCBH’s CEO and Chief Credit Officer have resigned and UCBH will have to restate its financial statements for 2008.
Kendall Law Group has participated in the recovery of $800 million for investors in securities class actions. For information about your rights as a UCBH shareholder or recovering your losses in UCBH stock, contact attorney Hamilton Lindley at 877-744-3728 or by email at [email protected]
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