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MRU Holdings (UNCL)
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[$] Auction-Rate Suit Against Merrill Is Dismissed
Wall Street Journal  Feb 17  Comment 
A lawsuit by shareholders of MRU Holdings against Merrill Lynch and MRU's auditor over alleged misrepresentations and omissions regarding nearly $200 million in auction-rate securities should be dismissed, a federal judge has ruled.
The Rosen Law Firm Files Securities Class Action Charging Officers and Directors of MRU Holdings, Inc. With Violations of the Federal Securities Laws Seeking to Recover Damages for Investors
Marketwire  May 29  Comment 
NEW YORK, NY -- (Marketwire) -- 05/29/09 -- The Rosen Law Firm today announced that it has filed a class action lawsuit on behalf of all purchasers of MRU Holdings, Inc. ("MRU" or the "Company") (PINKSHEETS: UNCLQ) formerly (NASDAQ: UNCL) securities




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MRU Holdings' primary operation is My Rich Uncle, a private student loan organization. While the founders have awarded themselves large chunks of stock and have taken millions of dollars in salary and bonuses, the company received a de-listing notice from NASDAQ in September 2008, and apparently ceased operations in October 2008, reportedly not paying out loans. The company has "a unique and highly scalable infrastructure to originate student loans, ensuring greater affordability and access to higher education for millions of college students." Trading is, as of early November 2008, sporadic, with one trade every few days. The stock has lost around 95% of its value since January 2008, falling from $5 per share to around $0.11 per share.

Battery Partners VII, LLC owns 26% of the voting stock while BlackRock, Inc owns 13%. 31,721,174 shares of stock were owned and outstanding as of October 31, 2008.

The company claims 95 employees and is headquartered in New York City. The debt to equity ratio was quoted at 6.18:1. Earnings have been consistently negative through the organization's history.


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