Schatz & Nobel, P.C. Announces Class Action Lawsuit Against RenaissanceRe Holdings Ltd.
HARTFORD, Conn., July 28 - LAWFUEL - The Law News Network -- The law firm of Schatz & Nobel, P.C., which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action
status has been filed in the United States District Court for the Southern
District of New York on behalf of all persons who purchased the publicly
traded securities of RenaissanceRe Holdings Ltd. (NYSE: RNR) ("RenaissanceRe")
between January 24, 2002 and July 25, 2005 (the "Class Period").
The Complaint alleges that RenaissanceRe violated federal securities laws
by issuing improper financial results. On February 22, 2005, RenaissanceRe
announced that it planned to restate its financial statements for 2001, 2002
and 2003 to correct "accounting errors associated with reinsurance ceded by
the Company." RenaissanceRe also announced that it "had discovered an error
in the timing of the recognition of premium on multi-year ceded reinsurance
contracts for the first three quarters of 2004." On July 11, 2005,
RenaissanceRe announced that it had received and accepted the resignation of
Michael W. Cash, Senior Vice President of Specialty Reinsurance, after he
voluntarily refused to accept the subpoenas of the SEC for testimony
concerning this restatement. On July 25, 2005, RenaissanceRe announced that
its CEO had received a "Wells Notice" from the SEC. On this news, shares of
RenaissanceRe dropped from a close of $47.23 on July 22, 2005, to close at
$42.27 on July 25, 2005 (the next trading day).
If you are a member of the class, you may, no later than September 26,
2005, request that the Court appoint you as lead plaintiff of the class. A
lead plaintiff is a class member that acts on behalf of other class members in
directing the litigation. Although your ability to share in any recovery is
not affected by the decision whether or not to seek appointment as a lead
plaintiff, lead plaintiffs make important decisions which could affect the
overall recovery for class members, including decisions concerning settlement.
The securities laws require the Court to consider the class member(s) with the
largest financial interest as presumptively the most adequate lead
plaintiff(s).
status has been filed in the United States District Court for the Southern
District of New York on behalf of all persons who purchased the publicly
traded securities of RenaissanceRe Holdings Ltd. (NYSE: RNR) ("RenaissanceRe")
between January 24, 2002 and July 25, 2005 (the "Class Period").
The Complaint alleges that RenaissanceRe violated federal securities laws
by issuing improper financial results. On February 22, 2005, RenaissanceRe
announced that it planned to restate its financial statements for 2001, 2002
and 2003 to correct "accounting errors associated with reinsurance ceded by
the Company." RenaissanceRe also announced that it "had discovered an error
in the timing of the recognition of premium on multi-year ceded reinsurance
contracts for the first three quarters of 2004." On July 11, 2005,
RenaissanceRe announced that it had received and accepted the resignation of
Michael W. Cash, Senior Vice President of Specialty Reinsurance, after he
voluntarily refused to accept the subpoenas of the SEC for testimony
concerning this restatement. On July 25, 2005, RenaissanceRe announced that
its CEO had received a "Wells Notice" from the SEC. On this news, shares of
RenaissanceRe dropped from a close of $47.23 on July 22, 2005, to close at
$42.27 on July 25, 2005 (the next trading day).
If you are a member of the class, you may, no later than September 26,
2005, request that the Court appoint you as lead plaintiff of the class. A
lead plaintiff is a class member that acts on behalf of other class members in
directing the litigation. Although your ability to share in any recovery is
not affected by the decision whether or not to seek appointment as a lead
plaintiff, lead plaintiffs make important decisions which could affect the
overall recovery for class members, including decisions concerning settlement.
The securities laws require the Court to consider the class member(s) with the
largest financial interest as presumptively the most adequate lead
plaintiff(s).
posted by JohnBowie at 1:44 AM
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