United Development Funding IV Loses A Third Of Its Value In Five Days
United Development Funding IV (NYSE: UDF) shares are trading lower by $1.71 at $10.24 in Wednesday's session.
An anonymous author on Harvest called the company a "Texas-sized [ponzi] scheme" on December 11. The company is under investigation for potential securities laws violations by Block & Leviton LLP following a significant drop in its share share.
The company was able to rebound from its fall from grace, from its December 10 high ($17.60) to December 11 low $7.06 to $14.80 by December 22. However, the low volume short-covering rally has attracted more sellers and took the issue under $10 to $9.77 before rebounding back over $10 in today's session.
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