Rentech, Inc. (AMEX: RTK)
MURRAY, FRANK & SAILER LLP is investigating securities fraud claims against Rentech, Inc. ("Rentech" or the "Company") (AMEX: RTK) and certain of its officers and directors, on behalf of purchasers of Rentech securities between February 8, 2008 and December 15, 2009, inclusive (the "Class Period").
During the Class Period, the Company allegedly made materially false and misleading statements regarding the Company's financial results and compliance with Generally Accepted Accounting Principles ("GAAP"). Specifically, during the Class Period, the Company allegedly improperly reported certain deposit payments associated with natural gas purchase contracts as inventory, resulting in artificially inflated prices during the Class Period for Rentech shares.
On December 14, 2009 and December 15, 2009, Rentech revealed that the Company would have to restate previously issued financial statements from 2008 to 2009 due to accounting errors related to the treatment of forward gas purchase contracts and inventory valuation.
As a result of Defendants' false statements and omissions, Rentech stock traded at artificially inflated prices during the Class Period. After the Company revealed its accounting issues to the market, Rentech shares dropped to a low of $1.27 a share on December 18, 2009, representing a 25% drop from the stock's opening price on December 14, 2009 and a 46% drop from the stock's high trading price during the Class Period.
If you are a member of the class described above, you may move the Court, not later than March 1, 2010, to serve as Lead Plaintiff for the class. A Lead Plaintiff is a representative chosen by the Court who acts on behalf of other class members in directing the litigation. You do not need to be a Lead Plaintiff to be included in the class. If you purchased Rentech securities and wish to discuss this litigation, or have any questions concerning this notice or your rights or interests with respect to these matters, please contact us.
MURRAY, FRANK & SAILER LLP