NEW YORK, Feb. 14, 2003 (PRIMEZONE) -- Kaplan Fox & Kilsheimer LLP (kaplanfox.com) filed a class action against Amerco ("Amerco" or the "Company") (Nasdaq:UHAL) and certain of its officers and directors (the "Defendants"), in the United States District Court for the District of Nevada. This suit is brought on behalf of all persons or entities, other than defendants, who purchased Amerco securities between February 12, 1998 and September 26, 2002, inclusive (the "Class Period").
The complaint alleges that Amerco and certain of its officers and directors violated the federal securities laws by issuing false and misleading statements during the Class Period.
During the Class Period, Defendants caused Amerco to engage in transactions with SAC Holding Corporation and SAC Holding Corporation II (hereinafter "SAC Holdings"), which falsely improved Amerco's financials, and which served to benefit Amerco insiders to the detriment of Amerco shareholders. Defendants failed to disclose the true nature and financial impact of the transactions to the public. Specifically, Amerco failed to disclose that Defendants used Amerco's resources to identify, purchase, and/or develop self-storage properties, which it then sold to SAC Holdings for inadequate consideration or caused SAC Holdings to buy. SAC Holdings, owned and controlled by Amerco insiders, thereby received substantial benefit from transactions which otherwise served to falsely improve Amerco's financials.
On September 26, 2002, Amerco restated its 2002 financial results in an amended 10-K for the year ended March 31, 2002, and restated its 2001 and 2000 financials for the second time. As a result of the defendants' false and misleading statements during the Class Period, Amerco's stock price was artificially inflated, averaging approximately $18 per share. In the weeks following news of the above events, Amerco's share price tumbled to less than $5. Plaintiff and other members of the Class were damaged thereby.
Plaintiff seeks to recover damages on behalf of the proposed Class and is represented by Kaplan Fox & Kilsheimer LLP. Our firm, with offices in New York, San Francisco, Chicago and New Jersey, has many years of experience prosecuting investor class actions and actions involving financial fraud. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com.
If you are a member of the proposed Class, you may move the court no later than April 15, 2003 to serve as a lead plaintiff for the Class. In order to serve as a lead plaintiff, you must meet certain legal requirements.
If you have any questions about this Notice, the action, your rights, or your interests, please e-mail us at mail@kaplanfox.com or contact:
Frederic S. Fox, Esq. Shelley Thompson, Esq. Kaplan Fox & Kilsheimer LLP 805 Third Avenue, 22nd Floor New York, NY 10022 (800) 290-1952 (212) 687-1980 Fax: (212) 687-7714 E-mail address: mail@kaplanfox.com Laurence D. King, Esq. Kaplan Fox & Kilsheimer LLP 555 Montgomery Street San Francisco, CA 94111 (415) 772-4700 Fax: (415) 772-4707 E-mail address: mail@kaplanfox.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca