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A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or to obtain a copy of the Complaint at (310) 201-9150 or Toll Free at (888) 773-9224, by email at info@glancylaw.com, or visit our website at http://www.glancylaw.com.
UCBH operates as the bank holding company for United Commercial Bank, which provides personal and commercial banking services to small-and medium-sized businesses, business executives, professionals and other individuals, and primarily engages in generating deposits and originating loans. The Complaint charges the Company and certain of its current and former executive officers with violations of the Securities Exchange Act of 1934, among other things, and further alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) loan terms were inappropriately modified, including the extension of terms, the lowering of interest rates, and the improper use of interest reserve accounts to delay negative consequences; (2) the Company had delayed the recognition of risk rating downgrades and specific reserves; (3) the defendants misrepresented the credit risk of the Company's loan portfolio; (4) the Company failed to properly reserve for loan losses and record impairment losses on non-performing loans and other real estate owned assets; (5) defendants misstated the Company's loan loss provision and related allowance, including charge-offs and the resulting change in non-performing loan levels; (6) the Company's financial results were not prepared in accordance with Generally Accepted Accounting Principles ("GAAP"); (7) the Company lacked adequate internal and financial controls; and (8) as a result of the above, the Company's financial statements were overstated and materially false and misleading at all relevant times.
The Private Securities Litigation Reform Act of 1995 ("PSLRA") requires the Court to appoint a "Lead Plaintiff" in this case. Any person or group who suffered a loss as a result of purchasing UCBH securities between April 24, 2008 and September 8, 2009, may ask the Court to be appointed as Lead Plaintiff, but must file a motion no later than the November 10, 2009 deadline.
Glancy Binkow & Goldberg LLP is a law firm with significant experience in prosecuting class actions, substantial expertise in actions involving corporate fraud, and is representing shareholders of UCBH in this litigation.
If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, or Richard A. Maniskas, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9150 or Toll Free at (888) 773-9224 or by e-mail to info@glancylaw.com.
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: Glancy Binkow & Goldberg LLP
CONTACT: Glancy Binkow & Goldberg LLP, Los Angeles, CA Lionel Z. Glancy Michael Goldberg Richard A. Maniskas (310) 201-9150 (888) 773-9224 info@glancylaw.com www.glancylaw.com
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