SOURCE: Izard Nobel LLP

January 06, 2010 19:12 ET

Izard Nobel LLP Announces Class Action Lawsuit Against Rentech, Inc.

WEST HARTFORD, CT--(Marketwire - January 6, 2010) - 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 Central District of California on behalf of those who purchased the securities of Rentech, Inc. ("Rentech" or the "Company") (NYSE Amex: RTK) between February 8, 2008 and December 15, 2009, inclusive (the "Class Period").

The Complaint charges that Rentech and certain of its officers and directors violated federal securities laws. Specifically, defendants failed to disclose: (i) that Rentech made unsubstantiated accounting entries during the Class Period; (ii) that the Company's financial results were not prepared in accordance with Generally Accepted Accounting Principles; (iii) that Rentech lacked adequate internal and financial controls; and (iv) that, as a result, Rentech's financial statements were materially false and misleading at all relevant times.

On December 14, 2009, Rentech 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." On this news, Rentech stock fell approximately 11% from its December 14, 2009, closing price of $1.64 per share, to close on December 16, 2009, at $1.47 per share.

If you are a member of the class, you may, no later than March 1, 2010, 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:, or contact Izard Nobel LLP toll-free: (800) 797-5499, or by e-mail: For more information about class action cases in general, please visit our website:

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