Stockholders v UCBH Holdings, Inc.
Stockholders File Lawsuit Against UCBH Holdings, Inc.
The complaint charges the defendants with violating federal securities by issuing materially inaccurate financial statements to the investing public. The Complaint alleges that UCBH knowingly falsified its financial statements by concealing the rising level of loan losses and non-performing loans through a series of improper accounting tricks and outright deception of regulators and auditors.
On September 8, 2009, the defendants were resigning following the results of an investigation of the improper loan accounting. As a result of the accounting improprieties, UCBH must restate its financial statements for each quarter and the full fiscal year of 2008. News of the accounting fraud and the pending restatement caused UCBH's stock price to fall significantly, damaging investors.
If you bought UCBH Holdings, Inc. securities and would like to obtain information about the UCBH Holdings, Inc. lawsuit, then you are invited to call Kahn Swick & Foti, LLC toll free at (866) 467-1400 extension 100 to speak with an attorney or visit www.ksfcounsel.com.
