NEW YORK, Sept. 10, 2009 (GLOBE NEWSWIRE) -- The Rosen Law Firm today announced that it has commenced an investigation into allegations that UCBH Holdings, Inc. ("UCBH" or the "Company") (Nasdaq:UCBH) violated the federal securities laws by issuing false and misleading financial statements to investors to mask its deteriorating financial condition.
On September 8, 2009, UCBH shocked the market when it announced that its CEO Thomas Wu and its Chief Credit Officer Ebrahim Shabudin were resigning as a result of an investigation that determined that UCBH would have to restate its financial statements because UCBH had misrepresented the amount of its non-performing loans and used improper accounting to hide the Company's worsening financial condition. UCBH has also entered into a consent decree with the FDIC to remedy the accounting and regulatory problems. This adverse news has caused the Company's stock to drop substantially causing UCBH investors significant losses.
As a result of these allegations, the Rosen Law Firm is preparing a class action lawsuit on behalf of investors who purchased UCBH securities during the period from April 24, 2008 through September 4, 2009.
You may access the website at http://www.rosenlegal.com to participate in the proposed class action.
If you purchased UCBH securities and would like further information concerning your legal rights, please contact Laurence Rosen, Esq. or Phillip Kim, Esq. toll-free at 866-767-3653 or email lrosen@rosenlegal.com or pkim@rosenlegal.com or visit the website at www.rosenlegal.com
The Rosen Law Firm has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud. The Rosen Law Firm represents investors throughout the nation, concentrating its practice in securities class actions.