Case Page

 

Case Status:    DISMISSED    
On or around 01/15/2016 (Court's order of dismissal)

Filing Date: September 11, 2009

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.

On January 27, 2010, Judge Jeffrey S. White signed the Order consolidating several actions under Master File Civil Action No. C 09-4208 JSW. Plaintiff Kyung Cho was appointed lead plaintiff and the Rosen Law Firm was approved as lead counsel.

On August 10, 2010, the lead plaintiff filed a Consolidated Amended Class Action Complaint, adding numerous individuals as defendants in the action. On October 15, 2010, the parties agreed to dismiss one of the individual defendants. The defendants filed several motions to dismiss on Consolidated Amended Complaint on November 19, 2010. On May 17, 2011, the motions were granted with leave to amend.

On July 29, 2011, a Second Consolidated Amended Class Action Complaint was filed. On January 9, 2012, a Consolidated Third Amended Complaint was filed.

On August 29, 2012, the Court issued an Order granting in part and denying in part Defendants' motions to dismiss. Plaintiffs were given leave to amend. On September 17, 2012, the Plaintiffs filed their fourth amended complaint.

On September 16, 2014, the Court issued an Order granting a stipulation to stay this action pending resolution of a separate case.

On January 15, 2016, pursuant to a stipulation by the parties, this case was dismissed.

COMPANY INFORMATION:

Sector: Financial
Industry: Regional Banks
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: UCBH
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: N.D. California
DOCKET #: 09-CV-04208
JUDGE: Hon. Jeffrey S. White
DATE FILED: 09/11/2009
CLASS PERIOD START: 04/24/2008
CLASS PERIOD END: 09/08/2009
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. The Rosen Law Firm, P.A.
    333 South Grand Avenue, 25th Floor, The Rosen Law Firm, P.A., CA 90071
    213.785.2610 213.226-4684 ·
  2. The Rosen Law Firm, P.A. (New York)
    350 Fifth Avenue, Suite 5508, The Rosen Law Firm, P.A. (New York), NY 10118
    212.686.1060 212.202.3827 · lrosen@rosenlegal.com
No Document Title Filing Date
COURT: N.D. California
DOCKET #: 09-CV-04208
JUDGE: Hon. Jeffrey S. White
DATE FILED: 01/09/2012
CLASS PERIOD START: 01/24/2008
CLASS PERIOD END: 09/08/2009
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. The Rosen Law Firm, P.A.
    333 South Grand Avenue, 25th Floor, The Rosen Law Firm, P.A., CA 90071
    213.785.2610 213.226-4684 ·
  2. The Rosen Law Firm, P.A. (New York)
    350 Fifth Avenue, Suite 5508, The Rosen Law Firm, P.A. (New York), NY 10118
    212.686.1060 212.202.3827 · lrosen@rosenlegal.com
No Document Title Filing Date
No Document Title Filing Date