| Company: | United Rentals, Inc. |
| Ticker Symbol: | NYSE: URI |
| Class Period: | October 23, 2003 to August 30, 2004 |
| Date Filed: | Sep-28-04 |
| Lead Plaintiff Deadline: | Nov-28-04 |
| Court: | Southern District, CT |
| Allegations: |
A class action lawsuit was filed in the United States District Court for the District of Connecticut on behalf of all securities purchasers of United Rentals, Inc. (NYSE: URI - News; "United Rentals" or the "Company") from October 23, 2003 through August 30, 2004 inclusive (the "Class Period").
The complaint charges United Rentals, Wayland R. Hicks, Bradley S. Jacobs, John N. Milne, and Joseph B. Sherk with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. More specifically, the complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) 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; (2) that the Company improperly delayed recognition of bad accounts receivable; (3) that as a result of these manipulations, the Company's announced financial results were in violation of Generally Accepted Accounting Principles ("GAAP"); and (4) 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 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. News of this shocked the market. Shares of United Rentals fell $4.39 per share, or 21.53 percent, to close at $16.00 per share on August 30, 2004 on unusually heavy trading volume.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
The complaint charges United Rentals, Wayland R. Hicks, Bradley S. Jacobs, John N. Milne, and Joseph B. Sherk with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. More specifically, the complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) 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; (2) that the Company improperly delayed recognition of bad accounts receivable; (3) that as a result of these manipulations, the Company's announced financial results were in violation of Generally Accepted Accounting Principles ("GAAP"); and (4) 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 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. News of this shocked the market. Shares of United Rentals fell $4.39 per share, or 21.53 percent, to close at $16.00 per share on August 30, 2004 on unusually heavy trading volume.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
If you feel you qualify for damages or remedies that might be awarded in this class action please fill in our form on the right to submit your complaint.
If your injustice does not match the complaint described above, please use this form to register your complaint. Thank you.
