Lawsuit on behalf of Rentech, Inc. (Public, AMEX:RTK) investors over alleged securities laws violations by Rentech – Deadline: February 26, 2010 – Contact the Shareholders Foundation, Inc
An investor in Rentech, Inc. (Public, AMEX:RTK) filed a lawsuit in the United States District Court for the Central District of California on behalf of purchasers of Rentech, Inc. (AMEX:RTK) securities during the period between February 8, 2008 and December 15, 2009, against Rentech and others over alleged violations of Federal Securities Laws.
If you purchased Rentech, Inc. (AMEX:RTK) securities during the period between February 8, 2008 and December 15, 2009, you have certain options and there are strict and short deadlines running. Deadline: February 26, 2010. Those RTK investors and current long term RTK shareholders should contact the Shareholders Foundation, Inc at:
According to the complaint the plaintiff alleges that Rentech, Inc and certain of its officers and directors violated the Securities Exchange Act of 1934 by issuing between February 8, 2008 and December 15, 2009 false and/or misleading statements, and failing to disclose material adverse facts about its business, operations, and prospects. Then on December 14, 2009, Rentech, Inc announced that it would restate its previously reported annual and quarterly results for fiscal year 2008 and for the first three quarters of fiscal year 2009, to correct “a prior incorrect classification of cash deposits required by forward gas purchase contracts as inventory, and reclassifies them as deposits on gas purchase contracts within current assets on the balance sheet.” The plaintiff alleges that as a result of this news, Rentech, Inc stock (RTK) fell approximately 11% on unusually heavy trading volume from its December 14, 2009, closing price of $1.64 per share, to close on December 16, 2009, at $1.47 per share and the price of Rentech stock (RTK) has declined more than 22% since the disclosure of its improper accounting practices.
Rentech, Inc., located in Los Angeles, California, is focused on providing clean energy solutions. The Company is focusing on the deployment of the Rentech Process and the Rentech-SilvaGas biomass gasification technology (Rentech-SilvaGas Technology) through both licensing of its technology and development of facilities to produce synthetic fuels and chemicals, natural gas substitutes, and electric power from renewable and fossil feedstocks.
Rentech reported on September 30, 2008 for the past 12 months Total Revenue of $210.97million and on September 30, 2009 for the past 12 months Total Revenue of $183million with a Net Income of $3.03million. Shares of Rentech (RTK) traded recently at $1.30 per share, down from its 52weekHigh of $2.93 per share, $3.88 per share in 2007, and over $5 per share in 2006.
Those who purchased Rentech, Inc. (AMEX:RTK) securities during the period between February 8, 2008 and December 15, 2009, have certain options and there are strict and short deadlines running. Deadline: February 26, 2010. Those RTK investors and current long term RTK shareholders should contact the Shareholders Foundation, Inc at:
Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North - Suite 423 -
92108 San Diego
Tel:+1-(858)-779-1554
Fax:+1-(858)-605-5739 mail@shareholdersfoundation.com www.ShareholdersFoundation.com
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Advertising. The Shareholders Foundation, Inc. is an investor advocacy group. We do research related to shareholder issues and inform investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. At Shareholders Foundation, Inc. we are in contact with a large number of shareholders. We believe that together we can combine the interests of many investors, and use the size of our interest as leverage against the giant corporations. We offer help, support, and assistance for every shareholder. We help investors find answers to their questions and equitable solutions to their problems. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
