NEW YORK, Jan. 14, 2008 (PRIME NEWSWIRE) -- Only nine days remain to move for Lead Plaintiff in the securities class action lawsuit filed in the United States District Court for the District of Connecticut on behalf of a class (the "Class") of all persons who purchased or acquired United Rentals, Inc. ("URI" or the "Company") (NYSE:URI) securities (or sold put its option contracts) between August 29, 2007 through and including November 13, 2007 (the "Class Period").
For further information you may call toll free, 1-888-884-4490, or contact counsel by e-mail by writing to rjacobs@jacobsclasslaw.com. You may also sign up by visiting our web site www.jacobsclasslaw.com.
On July 23, 2007, URI announced that it had entered into a definitive merger agreement (the "Merger Agreement") under which affiliates of Cerberus Capital Management, L.P. ("Cerberus") would acquire all of the outstanding shares of URI common stock for $34.50 per share (the "Merger"). On September 19, 2007, URI filed its Proxy Statement (the "Proxy") with the Securities and Exchange Commission ("SEC") providing for a shareholder vote to approve the Merger. On October 19, 2007, URI announced that its stockholders approved the Merger Agreement. On November 14, 2007, URI publicly announced that Cerberus had informed the Company that Cerberus was not prepared to proceed with the purchase of URI on the terms set forth in the Merger Agreement. On the news that Cerberus was backing out of the Merger, the Company posted its biggest drop since it went public in 1997 and plunged 31%, or $10.51, from $34.01 per share to a closing price of $23.50 per share.
The Complaint alleges that the defendants violated the federal securities laws by failing to disclose that, several weeks after the Merger Agreement was signed, Cerberus contacted URI management and expressed its concern about its ability to proceed with the Merger given the changes in the credit and financial markets, on which its financing for the deal depended. URI failed to disclose this critical information until November 14, 2007, when the Company filed a Form 8-K that included letters, dated August 31, 2007 and September 6, 2007 which demonstrated that the Merger had been at risk since August 29, 2007, and that Cerberus sought to renegotiate the terms of the Merger Agreement. Plaintiff seeks to recover damages on behalf of all those who purchased, acquired URI securities (or sold put option contracts) during the Class Period.
If you purchased URI securities (or sold put option contracts) during the Class Period, you may qualify to serve as Lead Plaintiff on behalf of the Class. You are not required to have sold your URI holdings in order to claim damages, or to serve in this role. This case will be prosecuted on a contingent fee basis. All motions for appointment as Lead Plaintiff must be filed by January 22, 2008. Roy Jacobs & Associates has many years of successful experience representing shareholders in securities class actions. If you wish to discuss this action or have any questions concerning this notice or your rights with respect to this matter, please contact Roy L. Jacobs. We will speak with you at no cost or obligation.
You may also join this action by visiting our website at www.jacobsclasslaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primenewswire.com/ca.