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MRU Holdings Inc (NASDAQ: UNCL) Investor Securities Class Action Lawsuit 04/15/2009

  • If you purchased shares of MRU Holdings Inc (NASDAQ: UNCL), you might have certain options and should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Case Dismissed
Company
MRU Holdings, Inc.
Security
OTC: UNCLQ

Case Name
MRU Holdings Shareholder Class Action Lawsuit 04/15/2009
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

February 17, 2011 - The court granted defendants' motion to dismiss with prejudice.
September 24, 2010 - Defendants filed a motion to dismiss.

August 20, 2010 - The lead plaintiffs filed a second amended consolidated complaint.

April 16, 2010 - Defendants filed a motion to dismiss.

January 4, 2010 - The lead plaintiffs filed an amended consolidated complaint.

October 5, 2009 - Lead plaintiffs and lead counsel were appointed and all cases were consolidated.

June 19, 2009 - Lead plaintiff motions were filed.

April 15, 2009 - An investor in shares of MRU Holdings Inc (NASDAQ: UNCL now trading on the OTC sheets as UNCLQ) filed a lawsuit in the U.S. District Court for the Southern District of New York on behalf of investors who purchased shares of MRU Holdings Inc (NASDAQ: UNCL) between July 9, 2007 and September 19, 2008 against MRU Holdings Inc and others over alleged violations of Federal Securities Laws.

According to the complaint the plaintiff alleges that MRU Holdings Inc and certain of its officers and directors violated the Securities Exchange Act of 1934 by, among other things, failing to disclose certain public statements in connection with Auction Rate Securities (“ARS”). On July 7, 2008, MRU Holdings Inc revealed the unfavorable terms of its second securitization, causing the price of its securities to drop to $2.27 per share – a one day decline of $0.23 per share, or 9.2%. Then, on August 18, 2008, Moody’s Investors Service placed the ARSs issued by MRU Holdings Inc on review for downgrade, driving the price of MRU Holdings Inc shares even further, to $1.05 per share. After the market closed on September 5, 2008, the Company ceased originating student loans, which caused MRU Holdings Inc stock price to fall further, closing on September 6, 2008 at $0.71. Finally, on February 9, 2009, MRU Holdings Inc announced that it had filed a voluntary petition for bankruptcy. MRU Holdings Inc shares have been delisted from the NASDAQ stock exchange, and currently trade at less than $.01 per share.

MRU Holdings Inc, located in New York, is a specialty consumer finance company that facilitates and provides students with funds for higher education.