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If you purchased shares of United Community Banks, Inc. (NASDAQ: UCBI), you may have certain options and you should contact the Shareholders Foundation, Inc.
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To have your information reviewed for options and to receive notifications about this investigation, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Investigation Overview
San Diego, Jan. 11, 2012 (Shareholders Foundation) -- An investigation on behalf of investors in shares of United Community Banks, Inc. (NASDAQ:UCBI) over potential securities laws violations by certain officers and directors at United Community Banks was announced.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of United Community Banks, Inc. (NASDAQ:UCBI) concerning whether the company, certain of its officers and directors, or others have possibly violated federal securities laws. Specifically, the investigation concerns whether certain statements United Community Banks business, its prospects and its operations were potentially materially false and misleading at the time they were made.
Since its 1:5 split on June 20, 2011 shares of United Community Banks, Inc. (Public, NASDAQ:UCBI) dropped from over $11 per share in early August 2011 to as low as $6.28 per share in November 2011.
Then on January 6, 2012, United Community Banks, Inc. announced that it will restate its financial statements for the fourth quarter and year ended December 31, 2010 and the first three quarters of 2011, and that the financial statements for the these periods should no longer be relied on.
United Community Banks, Inc. announced that it will record an additional income tax expense of $156.7 million and a charge to other comprehensive income in shareholders equity of $10.2 million in order to establish a full deferred tax asset valuation allowance as of December 31, 2010. United Community Banks, Inc. stated that it was recording this valuation allowance to resolve comments made by the U.S. Securities and Exchange Commission (SEC) regarding United Community Banks net deferred tax assets. United Community Banks, Inc. said that the revision for the fourth quarter of 2010 will increase the previously reported net loss of $16.4 million to $173.1 million or $9.25 per share, and will increase the previously reported net loss for the full year 2010 of $345.6 million to $502.3 million, or $27.09 per share.
