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by JENN WOOD
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Fallout from the recent boardroom collapse of regional development firm United Homes Group (UHG) — a company with deep political ties to Clemson University — intensified Friday as multiple shareholder-rights law firms announced investigations into potential securities fraud claims against the South Carolina-based homebuilder.
According to news releases issued by a quartet of law firms, each is reviewing whether UHG and its leadership “issued materially false or misleading statements” and failed to disclose adverse information that caused investors to suffer heavy losses.
These announcements follow the cratering of UHG’s stock earlier this week amid mass resignations which left Clemson mega-donor Michael Nieri— UHG’s executive chairman and controlling shareholder — as the company’s sole remaining board member.
As of Friday afternoon, UHG’s stock stood at $1.76 per share – down from $4.69 at the same time last week. That’s a loss of 62.5% of its value.
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Investigations into UHG were announced by the following law firms:
While the notices from these firms cite potential violations of federal securities laws — including Section 10(b) and Rule 10b-5 of the Securities Exchange Act — these are private investigations, not federal or SEC enforcement actions.
Such reviews are preliminary steps that often precede class-action lawsuits on behalf of investors. The firms are currently soliciting shareholders who purchased UHG stock and experienced financial losses to join potential legal actions.
The Law Offices of Howard G. Smith said its inquiry centers on whether UHG “misrepresented its business prospects” during or after its recent strategic alternatives review — the internal process that preceded the company’s October 19, 2025 board exodus. Levi & Korsinsky similarly said it is examining whether UHG executives breached their fiduciary duties to shareholders.
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RELATED | CLEMSON DEVELOPMENT DRAMA: HIGH-PROFILE CORPORATE RESIGNATIONS
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CLEMSON UNDER FIRE
As previously reported by FITSNews, the company’s collapse has had ripple effects far beyond the stock market. Two of UHG’s former board members — Clemson University president James P. Clements and board member/former S.C. governor Nikki Haley — resigned last week alongside four independent directors after a failed attempt to force Nieri to step down as executive chairman.
UHG’s unraveling coincides with growing scrutiny over the company’s overlapping land and development ties in the Upstate — particularly through Great Southern Homes and East Shore South LLC, companies linked to Nieri and cited in Oconee County records related to the massive 5,200-unit housing project and mixed-use development near Newry Mill in Oconee County.
County leaders have since sent formal letters to the South Carolina Senate and Clemson’s Board of Trustees demanding transparency about Clemson-connected developers and their relationships with university leadership.
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POLITICAL FALLOUT, UNANSWERED QUESTIONS
The shareholder investigations mark yet another escalation in a saga that now spans corporate boardrooms, university leadership and county government.
In response to the board resignations earlier this week, Oconee County Council chairman Matthew Durham called for a state investigation into UHG’s development activity, saying “the truth is finding daylight.” Durham has accused Nieri-linked developers of attempting to “bully” local officials into approving projects — a charge UHG has denied.
As of Friday, the company has not commented on the shareholder investigations or its stock’s continued freefall. The firm has yet to release an updated financial statement following its strategic review.
Adding to the turmoil, Oconee County administrator Amanda Brock — a central figure in the county’s Clemson-related transparency push — was placed on two weeks of paid administrative leave earlier this week following a late-night executive session. While no reason has been given for the decision, the timing further underscores how far the Clemson–UHG development controversy has spread — from Wall Street to the Upstate.
Keep it tuned to FITSNews as we track all of the moving parts tied to this still-unfolding saga…
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ABOUT THE AUTHOR …
As a private investigator turned journalist, Jenn Wood brings a unique skill set to FITSNews as its research director. Known for her meticulous sourcing and victim-centered approach, she helps shape the newsroom’s most complex investigative stories while producing the FITSFiles and Cheer Incorporated podcasts. Jenn lives in South Carolina with her family, where her work continues to spotlight truth, accountability, and justice.
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