Faruqi & Faruqi, LLP Announces Class Action Lawsuit Commenced Against Rent-Way, Inc.

Business/Legal Editors

NEW YORK--(BUSINESS WIRE)--Nov. 17, 2000

The following announcement was issued by the law firm of Faruqi & Faruqi, LLP:

Notice is hereby given that a class action lawsuit was commenced in the United States District Court for the Eastern District of Pennsylvania, on behalf of all purchasers of Rent-Way, Inc. (NYSE: RWY) ("Rent-Way" or the "Company") securities between January 18, 2000 and October 27, 2000, inclusive (the "Class Period").

The Complaint charges Rent-Way and certain of its executive officers with violations of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. Among other things, plaintiff claims that defendants issued a series of materially false and misleading statements in press releases and SEC filings concerning the Company's business, earnings, growth and prospects. Specifically, the Complaint charges that defendants misrepresented that the Company's fiscal 2000 interim financial results and its ability to reach growth targets and analysts consensus expectations. As a result, the price of Rent-Way's common stock was inflated throughout the Class Period. However, on October 30, 2000, the Company shocked the investment community when it announced that it is investigating certain accounting matters, including possible accounting irregularities, which if confirmed would result in the need to revise earlier reported unaudited financial results for fiscal year 2000. Moreover, the company also reported that it had suspended its corporate controller and that its president and chief operating officer had relinquished his operating responsibilities. In response to this announcement, Rent-Way's stock price plummeted, falling from $23.4375 to $4.75 per share, a decrease of almost 80%.

If you purchased Rent-Way securities during the Class Period, you may, not later than January 2, 2001, move the court to serve as lead plaintiff of the class, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action, or have any questions concerning this notice or your rights or interests, please contact:

ANTHONY VOZZOLO, ESQ. FARUQI & FARUQI, LLP 320 East 39th Street New York, NY 10016

Telephone: [phone] or [phone] Fax: [phone] e-mail ([e-mail])