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Rentech Inc (AMEX: RTK) Investor Securities Class Action Lawsuit 12/29/2009

  • If you purchased shares of Rentech Inc (AMEX: RTK), 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

Company
Rentech Inc.
Security
AMEX: RTK

Case Name
Rentech Shareholder Class Action Lawsuit 12/29/2009
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Central District of California

Class Period Begin
Class Period End
Deadline To File for Lead
Settlement Notice
rentech_inc_settlement_notice_7_2011.pdf
Settlement Proof
rentech_inc_settlement_proof_7_2011.pdf
Filed Complaint
rentech_inc_original_filing_edited_12_2009.pdf
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Settlement Overview

Date Settled
Date Settled
Settlement Amount
$1,800,000.00
Deadline to Participate in Settlement

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Summary

September 27, 2011 - The court approved the settlement.
September 26, 2011 - The court held a final settlement hearing.

May 26, 2011 - The settlement was preliminarily approved.

March 23, 2011 - Parties filed a stipulation of settlement.

October 15, 2010 - The defendants filed a motion to dismiss.

May 20, 2010 - The lead plaintiff filed an amended consolidated complaint on behalf of investors who purchased Rentech Inc (AMEX: RTK) common shares between May 9, 2008 to December 14, 2009. The plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between May 9, 2008 to December 14, 2009.

April 5, 2010 - Lead plaintiff and counsel were appointed.

March 1, 2010 - Lead plaintiff motions were filed.

February 19, 2010 - All cases were consolidated.

December 30, 2009 - Another investor filed a complaint.

December 29, 2009 - An investor in shares of Rentech Inc (AMEX: RTK now trading on the NASDAQ sheets as RTK) filed a lawsuit in the U.S. District Court for the Central District of California against Rentech Inc (AMEX: RTK) securities over alleged violations of Federal Securities Laws.

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 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 Inc stock has declined more than 22% since the disclosure of its improper accounting practices.

rentech_inc_original_filing_edited_12_2009.pdf
Date Settled