New book by Larry Connors Click here Improve your trading - See how
The complaint alleges that, throughout the Class Period, defendants issued materially false and misleading statements concerning UCBH's financial condition and business prospects. Specifically, the financial statements and information issued by the Company in its press releases, quarterly reports and annual reports for the fiscal year 2008 were false and misleading because UCBH intentionally concealed millions of dollars of loan charge-offs and mounting bad loans. As a result of defendants' false and misleading statements, UCBH's securities traded at artificially inflated prices during the Class Period.
On May 20, 2009, UCBH filed a report on form 8-K stating that, because of accounting improprieties, it would have to restate its financial statements for 2008. On September 8, 2009, UCBH issued a press release that disclosed for the first time the fraud engaged in by defendants. Defendants Wu and Shabudin were forced to resign because of the fraud. On news of the pending restatements and of the accounting fraud, UCBH's stock price fell.
Shalov Stone Bonner & Rocco LLP has extensive experience in the prosecution of lawsuits on behalf of investors. For more information about the firm, please visit its website at: www.lawssb.com. Lead Plaintiff papers must be filed with the United States District Court for the Northern District of California by November 10, 2009.
If you purchased UCBH securities and would like additional information about your rights, please contact investor rights attorney Amanda C. Scuder, at Shalov Stone Bonner & Rocco LLP, 485 Seventh Avenue, Suite 1000, New York, New York 10018 (telephone: (212) 239-4340; email: ascuder@lawssb.com).
Attorney advertising. Prior results do not guarantee a similar outcome.
CONTACT: Amanda C. Scuder - Attorney SHALOV STONE BONNER & ROCCO LLP Telephone: (212) 239-4340 Facsimile: (212) 239-4310 Email: Email Contact http://www.lawssb.com
SOURCE: Shalov Stone Bonner & Rocco LLP
http://www2.marketwire.com/mw/emailprcntct?id=88661D255A8381C2 http://www.lawssb.com
More News:
Market Updates |
Stock Alerts |
All Trading News |
Stock Index
About TradingMarkets | Contact | Advertise | Careers | Link to Us | Site Map | Help | Terms & Conditions | Privacy Policy | Return Policy | Testimonials | Feedback
The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.
HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.
The Connors Group, Inc.
10 Exchange Place, Suite 1800
Jersey City, NJ 07302
© Copyright 2009 The Connors Group, Inc.
