Press Release Source: Scott+Scott, LLC
Scott+Scott, LLC Announces Last Day to Move for Lead Plaintiff in Securities Fraud Class Action – September 26, 2005
COLCHESTER, Conn., Sept. 27
/ — Scott+Scott, LLC (http://www.scott-scott.com) filed a securities fraud class action against RenaissanceRe Holdings Ltd. (“RenaissanceRe”) (NYSE: RNR – News) and individual defendants on August 25, 2005, and represents investors in the United States District Court for the Southern District of New York (1:05-cv-07525-UA). Purchasers of RenaissanceRe securities between January 24, 2002 and July 25, 2005, inclusive (the “Class Period”), are purported class members. RenaissanceRe is a global provider in re-insurance and insurance, maintaining its principle place of business in Bermuda. Scott+Scott has successfully litigated securities cases involving Bermudian re-insurance companies. Current information about RenaissanceRe can be reviewed in its most recent Form 10-Q, filed August 9, 2005 (http://biz.yahoo.com/e/050809/rnr10-q.html). Scott+Scott’s allegations can be reviewed at http://biz.yahoo.com/prnews/050815/nem038.html?.v=18.
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If you purchased RenaissanceRe securities during the Class Period, you may qualify to serve as Lead Plaintiff, in which case a motion must be filed with the court no later than September 26, 2005. If you would like to consider serving as Lead Plaintiff or have any questions about the lawsuit, please contact Scott+Scott partner Neil Rothstein (nrothstein@scott-scott.com, 800/332-2259, ext. 22 or cell 619/251-0887) or attorney Amy K. Saba (asaba@scott-scott.com, 800/332-2259, ext. 26). Scott+Scott will provide you with case materials, answer all questions regarding your participation and assist you with other services the firm provides. There is no cost or fee to you.
RenaissanceRe, like many insurance industry companies, has been subpoenaed in recent months by state and federal regulators investigating whether companies have used finite risk products to manipulate their results. The SEC has been conducting an ongoing investigation into the restatement of RenaissanceRe’s 2001-2003 financial statements. On July 25, 2005, RenaissanceRe reported that the SEC served RenaissanceRe’s Chief Executive Officer, James N. Stanard, with a Wells Notice, indicating that SEC officials plan to recommend that charges be brought against Mr. Stanard for federal securities law violations. On September 9, 2005, Morgan Stanley downgraded RenaissanceRe.
Scott+Scott, LLC dedicates itself to client communication and satisfaction and currently is litigating major securities, antitrust and employee retirement plan actions throughout the United States. The firm represents pension funds, charities, foundations, individuals and other entities worldwide. Scott+Scott currently is litigating or investigating actions including: Investors Financial; Mercury Interactive; Unisys; Immucor; Pixar; First Bancorp (Puerto Rico); Guidant; and DOV Pharmaceuticals, among others.
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