NEW YORK, Nov. 8, 2009 (GLOBE NEWSWIRE) -- The Rosen Law Firm reminds investors in UCBH Holdings, Inc. (Nasdaq:UCBH) of the November 10, 2009 Lead Plaintiff deadline in the securities class action brought on behalf of persons who purchased UCBH common stock during the period April 24, 2008 through September 8, 2009 (the "Class Period"). On November 6, 2009, California regulators closed down UCBH because of inadequate capital and its banking operations were acquired by East West Bancorp Inc. The closure of UCBH creates a very strong impetus for UCBH investors to join the class action and seek to recover investment losses resulting from the alleged securities fraud.
To join the UCBH class action, go to the website at http://rosenlegal.com or call Laurence Rosen, Esq. or Phillip Kim, Esq. toll-free at 866-767-3653 or email lrosen@rosenlegal.com or pkim@rosenlegal.com for information on the class action.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER. YOU MAY ALSO RETAIN COUNSEL OF YOUR CHOICE.
The case is pending in the United States District Court for the Northern District of California as case no 09-4208. You can obtain a copy of the complaint from the clerk of court or you may contact counsel for plaintiffs Laurence Rosen, Esq. or Phillip Kim, Esq. toll-free at 866-767-3653 or email lrosen@rosenlegal.com or pkim@rosenlegal.com.
The complaint charges UCBH, its former CEO and Chairman, Thomas Wu, and its former Chief Credit Officer, Ebrahim Shabudin, 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, UCBH announced that its Chairman and CEO, Thomas Wu, and its Chief Credit Officer, Ebrahim Shabudin, 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.
A class action lawsuit has already been filed on behalf of UCBH shareholders. If you wish to serve as lead plaintiff, you must move the Court no later than November 10, 2009. If you wish to join the litigation or to discuss your rights or interests regarding this class action, please contact plaintiffs' counsel, Laurence Rosen, Esq. or Phillip Kim, Esq. of The Rosen Law Firm toll free at 866-767-3653 or via e-mail at lrosen@rosenlegal.com or pkim@rosenlegal.com
The Rosen Law Firm represents investors throughout the world, concentrating its practice in securities class actions and shareholder derivative litigation.