Izard Nobel LLP Announces Class Action Lawsuit Against MRU Holdings, Inc.
UNCLQ | Quote | Chart | News | PowerRating -- The law firm of Izard Nobel LLP, 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 those who purchased the securities of MRU Holdings,
Inc. ("MRU" or the "Company") (PINKSHEETS: UNCLQ | Quote | Chart | News | PowerRating) (formerly NASDAQ:
UNCL) between July 9, 2007 and September 19, 2008, inclusive (the
"Class Period").
The Complaint charges that MRU and certain of its officers and
directors violated federal securities laws by making materially false
statements concerning the Company's business and financial results.
Specifically, defendants failed to disclose, among other things, that:
(i) the market for Auction Rate Securities ("ARS"), which the Company
issued in its first student loan securitization, was illiquid and
existed at the whim of the broker-dealers; (ii) the illusion of
liquidity created by the broker-dealers allowed the Company to
securitize its student loans on favorable terms; (iii) that once the
true nature of the ARS market became known, the terms of future
securitizations by the Company would not be favorable to the Company;
and (iv) that without the favorable terms available in the ARS market
as a result of manipulation by the broker-dealers, the Company would
not have sufficient capital to originate loans, making the Company's
business model untenable.
If you are a member of the class, you may, no later than June 19,
2009, 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.
While Izard Nobel LLP has not filed a lawsuit against the defendants,
to view a copy of the Complaint initiating the class action or for
more information about the case, and your rights, visit:
www.izardnobel.com/mru/, or contact Izard Nobel LLP toll-free at
(800) 797-5499, or by e-mail: firm@izardnobel.com. For more
information about class action cases in general, please visit our
website: www.izardnobel.com.
CONTACT:
Nancy A. Kulesa or Wayne Boulton
(800) 797-5499
www.izardnobel.com
Email Contact
SOURCE: Izard Nobel LLP
http://www.izardnobel.com
http://www2.marketwire.com/mw/emailprcntct?id=C972CF782B44D98D
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