UCBH Holdings, Inc. Shareholder Alert: Lawsuit - Deadline

There is a borderline advancing up in the accusation filed on account of UCBH investors, who purchased their UCBH Holdings, Inc. (NASDAQ: UCBH) accepted banal during the aeon April 24, 2008 through and including September 8, 2009. Current continued appellation UCBH investors accept aswell options.

Those who purchased UCBH Holdings, Inc. (NASDAQ:UCBH) shares amid April 24, 2008 and September 04, 2009, accept assertive options and there are austere and abbreviate deadlines running. Deadline: November 10, 2009. Those UCBH investors and accepted continued appellation UCBH investors should acquaintance the Shareholders Foundation, Inc at email: mail(at)shareholdersfoundation.com or alarm : +1 (858) 779 - 1554. An broker in UCBH shares has filed a accusation in the United States District Court for the Northern District of California. According to the complaint the plaintiff alleges that UCBH Holdings, its above CEO and Chairman, Thomas Wu, and its above Chief Credit Officer, Ebrahim Shabudin, abandoned federal balance by arising amid April 24, 2008 through and including September 8, 2009 materially inaccurate banking statements to the advance public. The Complaint alleges that UCBH advisedly biased its banking statements by concealing the ascent akin of accommodation losses and non-performing loans through a alternation of abnormal accounting tricks and absolute bamboozlement of regulators and auditors.

UCBH Holdings appear on May 12, 2009, that UCBH was dabbling the filing of its Quarterly Report with the Securities and Exchange Commission for the 2009 budgetary aboriginal division and, as a aftereffect of an advancing appraisal of the adequacy of its allowance for accommodation losses, added accepted assets accoutrement to its allowance for accommodation losses were possible, and that any added accessories would added access its net accident for the division concluded March 31, 2009. Shares of UCBH beneath added than 20%, to abutting on May 13, 2009, at $1.66 per allotment on abundant volume.

On March 16, 2009, UCBH Holdings filed its Form 10-K for the year concluded December 31, 2008 and issued a columnist absolution advertence that it had recorded an added accommodation accident accouterment of about $40 actor in the fourth division of 2008. UCBH Holdings 10-K anatomy included a March 16, 2009 letter from the its auditors, KPMG LLP, advertence that a actual weakness in UCBH Holdings Inc.’s centralized ascendancy accompanying to behavior and procedures for ecology and responding to assertive banking advertisement risks had “resulted in a actual baloney of the Company’s accommodation accident allowance and accouterment for accommodation losses as of and for the year concluded December 31, 2008 that has been adapted above-mentioned to the arising of the Company’s 2008 circumscribed banking statements.” Then on April 23, 2009, UCBH Holdings appear its aboriginal division 2009 banking results, including a net accident of $97 million, or $0.78 per adulterated share, for the three months concluded March 31, 2009. The net accident was primarily attributable to a $178.5 actor accommodation accident provision. On May 12, 2009, UCBH Holdings filed a Notification of Late Filing with the SEC with account to its Quarterly Report on Form 10-Q for the aeon concluded March 31, 2009. UCBH declared that it was clumsy to appropriate book the Form 10-Q because it had not completed its banking statements and, added specifically, the UCBH Holdings appraisal of the adequacy of the allowance for accommodation losses and the appraisal of abeyant amicableness crime had not yet been completed. The Notification of Late Filing aswell declared as follows:“While the Company does not ahead changes to its appear nonperforming asset levels, it is accessible that the Company will accomplish added accepted assets accoutrement to its allowance for accommodation losses at March 31, 2009. Any added accessories will added access the Company’s net accident for the division concluded March 31, 2009. A reasonable appraisal of any such added accessories cannot be fabricated until the advancing assessment…is finalized.” On May 20, 2009, UCBH Holdings appear in a filing with the SEC that the administration of the aggregation had recommended to the Audit Committee of the Board of Directors, and the Audit Committee agreed, that its circumscribed banking statements as of and for the year concluded December 31, 2008, should be restated and that the ahead appear circumscribed banking statements, as able-bodied as the accompanying letters from its absolute registered accessible accounting close for the aeon concluded December 31, 2008, could not be relied on. Further, UCBH declared as follows: “The digest will aftereffect in actual adjustments to the accommodation accident accouterment and accompanying allowance for accommodation losses…” Also on May 20, 2009, UCBH appear the cessation of its Annual Meeting of Shareholders appointed for May 21, 2009 until the achievement of the digest of its circumscribed banking statements for the year concluded December 31, 2009.And on May 12, 2009, the date of UCBH Holdings acknowledgment that the allowance for accommodation accident ability be increased, UCBH’s about traded accepted banal beneath $0.51 per allotment or about 20%, to abutting at $2.10 per share. The next day, May 13, 2009, UCBH’s accepted banal beneath an added $0.44 per share, or about 21%, to abutting at $1.66 per share. Following the May 20, 2009 acknowledgment that the Company would be restating its circumscribed financials for the year concluded December 31, 2008, UCBH’s accepted banal beneath $0.08 per share, or about 5%, to abutting at $1.61. On September 8, 2009 UCBH Holdings appear that its CEO Thomas Wu and its Chief Credit Officer Ebrahim Shabudin were resigning. UCBH Holdings has aswell entered into a accord decree with the FDIC to antidote the accounting and authoritative problems. As a aftereffect of the accounting improprieties, UCBH Holdings have to recapitulate its banking statements for anniversary division and the abounding budgetary year of 2008 acquired UCBH Holding's banal amount to abatement significantly, damaging investors, so the lawsuit.

UCBH Holdings, Inc. is amid in San Francisco, California, is a case captivation company. UCBH Holding conducts its arch business through its wholly endemic cyberbanking subsidiary, United Commercial Bank (UCB), which makes up essentially all of its circumscribed assets and revenues. UCBH Holdings, Inc. had $13billion on absolute assets in 2008. The shares of UCBH Holdings, Inc. (NASDAQ:UCBH) traded afresh at $0.94 per share, down from a 52weekHigh of $9.98 per share, about $15 in 2008, and over $20 per allotment in 2007.