Lerach Coughlin Stoia Geller Rudman & Robbins LLP Files Class Action Suit Against United Rentals, Inc.
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from September 28, 2004. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Samuel H. Rudman or David A. Rosenfeld of Lerach Coughlin at 800/449-4900 or via e-mail at firstname.lastname@example.org. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at http://www.lerachlaw.com/cases/unitedrentals/. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint charges United Rentals and certain of its officers and directors with violations of the Securities Exchange Act of 1934. United Rentals is an equipment rental company with a network of more than 730 rental locations in the United States, Canada and Mexico.
The Complaint alleges that, throughout the Class Period, defendants issued numerous positive statements concerning the Company's financial performance. The statements were materially false and misleading because defendants knew, but failed to disclose: (i) that the Company, in an effort to generate a more favorable stock price and raise capital, manipulated its financial results through the use of restructuring charges, asset writedowns and debt refinancing; (ii) that the Company improperly delayed recognition of bad accounts receivable; (iii) that as a result of these manipulations, the Company's announced financial results were in violation of Generally Accepted Accounting Principles ("GAAP"); and (iv) that the Company's financial results were materially inflated at all relevant times.
On August 30, 2004, United Rentals announced that it had received notice that the Securities and Exchange Commission ("SEC") was conducting a non-public, fact-finding inquiry of the Company. The notice was accompanied by a subpoena requesting the production of documents relating to certain of the Company's accounting records. United Rentals stated it "intends to cooperate fully with the SEC." News of the SEC inquiry shocked the market causing shares of United Rentals stock to fall 21.53 percent, to close at $16 per share on August 30, 2004 on unusually heavy trading volume.
Plaintiff seeks to recover damages on behalf of all purchasers of United Rentals common stock during the Class Period (the "Class"). The plaintiff is represented by Lerach Coughlin, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.
Lerach Coughlin, a 140-lawyer firm with offices in San Diego, San Francisco, Los Angeles, New York, Boca Raton, Washington, D.C., Houston, Philadelphia and Seattle, is active in major litigations pending in federal and state courts throughout the United States and has taken a leading role in many important actions on behalf of defrauded investors, consumers, and companies, as well as victims of human rights violations. Lerach Coughlin lawyers have been responsible for more than $20 billion in aggregate recoveries. The Lerach Coughlin Web site (http://www.lerachlaw.com) has more information about the firm.