SOURCE: Stull, Stull & Brody

August 04, 2005 18:08 ET

Stull, Stull & Brody Announces Class Action Against RenaissanceRe Holdings Ltd.

NEW YORK, NY -- (MARKET WIRE) -- August 4, 2005 -- Notice is hereby given that a class action lawsuit was filed in the United States District Court for the Southern District of New York, on behalf of purchasers of RenaissanceRe Holdings Ltd ("RenaissanceRe") (NYSE: RNR) publicly traded securities between January 24, 2002 and July 25, 2005, inclusive (the "Class Period").

Stull, Stull & Brody has substantial experience representing employees who suffered losses from purchases of their employer's stock in their 401(k) plans. If you bought RenaissanceRe stock through your RenaissanceRe retirement account and have information or would like to learn more about these claims, please contact us.

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 $2.27 on July 25, 2005 (the next trading day).

If you acquired RenaissanceRe common stock between January 24, 2002 and July 25, 2005, you may, no later than September 26, 2005, request the Court appoint you as lead plaintiff. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Stull, Stull & Brody, or other counsel of your choice, to serve as your counsel in this action. Stull, Stull & Brody has not yet filed a complaint in this action. Stull, Stull & Brody has litigated many class actions for violations of securities laws in federal courts over the past 30 years and has obtained court approval of substantial settlements on numerous occasions. Stull, Stull & Brody maintains offices in both New York and Los Angeles.

If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Tzivia Brody, Esq. at Stull, Stull & Brody by e-mail at SSBNY@aol.com or by calling toll-free 1-800-337-4983, or by fax at 212/490-2022, or by writing to Stull, Stull & Brody, 6 East 45th Street, New York, NY 10017. You can also visit our website at www.ssbny.com.

Contact Information

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