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Case ID: 3746 | Stocks | 10/05/2004
A class action has been filed against construction equipment rental supplier United Rentals, Inc. (NYSE: URI) and certain of its officers and directors by stockholders who purchased the company's common stock between October 23, 2003 and August 30, 2004. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock.
The Complaint specifically alleges that, during the Class Period, 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 write-downs, 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. As the Complaint details, 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 inquiry 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. At Lawcash.com, it is our goal to keep you informed about important legal cases, class actions and settlements. Our lawyers offer free legal evaluations in tort cases, class actions, personal injury, and other lawsuits because we are dedicated to helping you resolve your legal complaints. Other Stocks Cases of Interest Several class actions have been filed against investment firm Security Brokerage, Inc., and Daniel G. Calugar, its president and majority owner, by investors who purchased shares of Alliance Capital Management's (NYSE:AC) AllianceBernstein Family of mutual funds and Massachusetts Financial Services' Family of mutual funds, which is a subsidiary of Sun Life Financial, Inc. from January 1, 2001, through September 30, 2003. The actions claim that the defendants violated federal securities laws by engaging in an illegal market-timing scheme. The parties have reached a tentative $3.25 million settlement in several actions filed against John Alden Financial Corporation and certain of its officers and directors by stockholders who purchased the company's common stock between October 20, 1994, and May 3, 1995. Persons eligible to participate in the settlement must file a proof of claim postmarked no later than May 16, 2004. This case was removed from the New York State Supreme Court to the Federal United States District Court for the Southern District of New York. On October 14, 2008,the complaint and notice of removal was filed in the federal district court.
A class action has been filed against Applica Incorporated (APN), certain of its officers and directors by stockholders who purchased the company's common stock between November 4, 2004 and April 28, 2005. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. A class action lawsuit has been filed in the US District Court for the Western District of Pennsylvania against Ashland, Incorporated. The case involves antitrust litigation. No additional information about the substance of the allegations is available at this time. Classactionamerica.com will monitor this case and provide additional details as soon as they become available. On February 20, 2008, a motion to consolidate cases was filed by National City Corporation and certain individuals. As a result, a partial opposition to the above mentioned motion was filed on March 07, 2008. In response to the partial opposition, a reply in support of the motion to consolidate cases was filed by National City Corporation on March 19, 2008. The case continues with a motion to appoint lead plaintiffs and counsels filed by Skandia Life Insurance on March 24, 2008. As a response to the motion mentioned above, an order granting the appointment of lead plaintiffs and counsels was entered on April 01, 2008. In addition, two orders denying the motion to appoint lead plaintiffs and counsels of certain groups were entered on April 04, 2008. Last but not least, on May 06, 2008, the court granted an order on the withdrawal of Skandia Life Insurance Company LTD as counsel.
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