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WILMINGTON, Del.--([ BUSINESS WIRE ])--[ Rigrodsky & Long, P.A. ] announces that it has launched an investigation on behalf of the shareholders of United Community Banks, Inc. (aUCBIa or the aCompanya) (Nasdaq: [ UCBI ]), during the period January 28, 2011 through January 6, 2012, inclusive, with respect to whether the Company and certain of its officers and directors have possibly violated the federal securities laws.

Click here to learn more: [ http://investigations.rigrodskylong.com/united-community-banks-inc-ucbi/ ].

UCBI operates as the bank holding company for United Community Bank that provides retail and corporate banking services.

On January 6, 2012, UCBI issued a press release announcing that it will record an additional income tax expense of $156.7 million and a charge to other comprehensive income in shareholdersa equity of $10.2 million in order to establish a full deferred tax asset valuation allowance as of December 31, 2010. The Company stated that it was recording this valuation allowance to resolve comments made by the U.S. Securities and Exchange Commission (aSECa) regarding UCBIas net deferred tax assets.

The additional income tax expense and charge to comprehensive income in shareholdersa equity will cause UCBI to restate its financial statements for the fourth quarter and year ended December 31, 2010 and the first three quarters of 2011, and revise the disclosures contained in its SEC periodic reports for those periods. 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. For the first quarter of 2011, UCBI will restate its net loss to $237.3 million, or $13.00 per share, from the previously reported net loss of $142.5 million, or $7.87 per share. For the second quarter of 2011, UCBI will restate its net income to $12.0 million, or 16 cents per diluted share, from the previously reported net income of $7.6 million, or 8 cents per diluted share. The restatement will also result in an increase in the net loss for the third quarter of 2011, from $6.2 million, or 16 cents per share, to a net loss of $11.3 million, or 25 cents per share.

The restatements will also reduce tangible book value and the tangible equity and tangible common equity to asset ratios for the respective periods. As of September 30, 2011, the restated tangible book value will be $6.66 per share rather than the previously reported $11.26 per share and the restated tangible equity and tangible common equity to asset ratios will be 8.47 percent and 5.70 percent as compared to the previously reported 11.76 percent and 9.09 percent, respectively.

This news caused UCBI stock to drop more than 10% on January 6, 2012 to a low of $6.40 per share, eventually closing at $6.49 per share that day, down from its previous dayas close of $7.24 per share.

If you purchased UCBI common stock during the period of January 28, 2011 through January 6, 2012, inclusive, if you have information or would like to learn more about our investigation, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact [ Timothy J. MacFall, Esquire ] or [ Noah R. Wortman, Case Development Director ], of Rigrodsky & Long, P.A., 919 N. Market Street, Suite 980, Wilmington, Delaware 19801, by telephone at (888) 969-4242, or by e-mail to [ info@rigrodskylong.com ].

[ Rigrodsky & Long, P.A. ], with offices in Wilmington, Delaware and Garden City, New York, regularly litigates [ securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation ], including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.

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