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UDC-UNIVERSAL DEVELOPMENT SAYS SERIES B PREFERRED SHAREHOLDER HAS FILED CLASS ACTION COMPLAINT

 UDC-UNIVERSAL DEVELOPMENT SAYS SERIES B PREFERRED SHAREHOLDER
 HAS FILED CLASS ACTION COMPLAINT
 TEMPE, Ariz., Dec. 13 /PRNewswire/ -- UDC-Universal Development L.P. (NYSE: UDC) said it learned an investor in its Series B preferred shares has named the company, among others, as a defendant in a class action complaint filed in the U.S. District Court for the District of Arizona.
 The complaint was filed by an individual who says he bought 200 Series B preferred shares in an open market transaction on June 4, 1991, and who purports to represent all unaffiliated purchasers of Series B preferred shares during the period March 12, 1991, through Oct. 24, 1991. He seeks unspecified damages.
 Named as co-defendants with UDC are certain affiliated entities, certain officers and all directors of the company.
 The suit follows UDC's announcement of Oct. 24, 1991, in which it stated that distributions would be suspended for the foreseeable future.
 UDC believes the complaint to be without merit and intends to vigorously defend itself against the allegations.
 UDC is a leading builder of quality upscale family and adult residential communities in six Sun Belt States, with operations in Arizona, California, Florida, Georgia, North Carolina and South Carolina.
 -0- 12/13/91
 /CONTACT: Robert H. Daskal of UDC-Universal, 602-820-4488; or Kirk Brewer of Georgeson & Company, 312-346-7161, for UDC/
 (UDC) CO: UDC-Universal Development L.P. ST: Arizona IN: CST SU:


KD-JT -- NY060 -- 2531 12/13/91 16:48 EST
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Publication:PR Newswire
Date:Dec 13, 1991
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