United Western Bancorp, Inc. - Securities Class Action

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United Western Bancorp, Inc. Summary: According to the complaint, this is a securities class action on behalf of all persons who acquired the common stock of United Western Bancorp, Inc. (“Bancorp” or the “Company”) pursuant and/or traceable to a false and misleading registration statement and prospectus (collectively, the “Registration Statement”) issued in connection with the Company’s September 17, 2009 offering (the “Offering”). This action asserts strict liability claims under the Securities Act of 1933 (“1933 Act”) against Bancorp, its officers and/or directors, its auditors, and the investment banks which underwrote the Offering (collectively, the “Defendants”).

Bancorp is a unitary thrift holding company headquartered in Denver, Colorado. During the relevant period, Bancorp operated United Western Bank (the “Bank”) as a wholly owned subsidiary.

On September 17, 2009, Defendants consummated the Offering pursuant to the false and misleading Registration Statement, selling 20 million shares of Bancorp common stock at $4.00 per share, for proceeds of $80 million. Bancorp received additional gross proceeds of $7.8 million (1,961,325 shares issued at $4.00/share) as a result of the partial exercise of the over-allotment option to purchase additional shares granted to the underwriters. The Registration Statement incorporated, among other documents, Bancorp’s reported financial results and 10-K/A for 2008 and the reported financial results and 10-Q for the second quarter of 2009.

The true facts which were omitted from the Registration Statement were: (a) Bancorp’s mortgage backed securities (“MBSs”) and collateralized mortgage obligations (“CMOs”) were impaired to a far greater extent than the Company had disclosed; (b) Defendants failed to properly record losses for other than temporary impairment (“OTTI”) in Bancorp’s non-agency MBSs and CMOs; (c) The Company’s internal controls were inadequate to prevent the Company from improperly reporting its impaired assets; and (d) The Company’s capital base was not adequate in light of the impairment of its assets.

Bancorp ultimately announced multi-million dollar impairments in its investment securities portfolio, specifically in MBSs and CMOs, causing the price of its common stock to drastically decline. In turn, on January 21, 2011, the Federal Deposit Insurance Corporation (“FDIC”) was appointed as receiver for the Bank by the Office of Thrift Supervision (“OTS”) under the Federal Deposit Insurance Act. The FDIC immediately sold the Bank to First-Citizens Bank & Trust Company (“First Citizens”) of Raleigh, North Carolina. First Citizens began operating the Bank under a new name commencing on January 24, 2011. Bancorp common stock now trades for about $.02 per share and was delisted from NASDAQ on February 28, 2011.

According to the Order signed by Chief Judge Wiley Y. Daniel, the motion to appoint lead plaintiff and approval of selection of counsel is granted. MHC Mutual Conversion Fund, L.P. and Clover Partners, L.P. are appointed lead plaintiffs and the law firm of Dyer & Berens LLP is approved as lead counsel. On August 11, 2011, an Amended Complaint was filed. The complaint adds certain defendants and counts to the allegations. The defendants responded by filing motions to dismiss on September 26 and 27, 2011.

INDUSTRY CLASSIFICATION:
SIC Code: 6022
Sector: Financial
Industry: Misc. Financial Services

COMPANY/ISSUER NAME:	United Western Bancorp, Inc.
COMPANY/ISSUER TICKER:	UWBK
COMPANY WEBSITE:	http://www.unitedwesternbancorp.com

FIRST IDENTIFIED COMPLAINT IN THE DATABASE

MHC Mutual Conversion Fund, L.P. , et al. v. United Western Bancorp, Inc., et al.

COURT: D. Colorado	DOCKET NUMBER: 11-CV-00624
JUDGE NAME: Hon. Wiley Y. Daniel
DATE FILED: 03/11/2011	SOURCE:
CLASS PERIOD START: 09/17/2009	CLASS PERIOD END: 03/11/2011
TYPE OF COMPLAINT: Complaint (Unamended and Unconsolidated)
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Dyer & Berens LLP 303 East 17th Avenue, Suite 300, Denver, CO, 80203 (voice) 303.861.1764, (fax) 303.861.1764, Hodge Law Firm, P.A. 1301 Riverplace Boulevard, Suite 1100, Jacksonville,, FL, 32207 (voice) 904.520.7706, (fax) 904.520.7706, Matthew Montgomery, Attorney At Law Inc., APC 645 Front Street, #318, San Diego, CA, (voice) 619.247.9154, (fax) , _____________________________________________ TOTAL NUMBER OF PLAINTIFF FIRMS: 3

DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT
Class Action Complaint For Violations Of The Securities Act Of 1933 And Jury Demand
Type: Complaint		Date on the document: 03/11/2011
Order
Type: Order Appointing LP/LC		Date on the document: 06/16/2011

REFERENCE COMPLAINT

MHC Mutual Conversion Fund, L.P. , et al. v. United Western Bancorp, Inc., et al.

COURT: D. Colorado	DOCKET NUMBER: 11-CV-00624
JUDGE NAME:
DATE FILED: 08/11/2011	SOURCE:
CLASS PERIOD START: 05/05/2008	CLASS PERIOD END: 05/04/2010
TYPE OF COMPLAINT: Complaint (Unamended and Unconsolidated)
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Dyer & Berens LLP 303 East 17th Avenue, Suite 300, Denver, CO, 80203 (voice) 303.861.1764, (fax) 303.861.1764, _____________________________________________ TOTAL NUMBER OF PLAINTIFF FIRMS: 1

DOCUMENTS FOR THE REFERENCE COMPLAINT
Amended Class Action Complaint For Violations Of The Federal Securities Laws And Jury Demand
Type: Complaint		Date on the document: 08/11/2011
U.S. District Court Civil Docket
Type: Docket		Date on the document: 08/11/2011

OTHER DOCUMENTS

Case Name and/or Number:
Type:		Date on the document:

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