United States District Court for the Western District of Pennsylvania
Donovan Searles filed one of the first securities class action complaints that were eventually consolidated in this case. The suit alleged, among other things, that certain officers and directors of Rent-Way caused the company to issue false and misleading financial statements that in turn artificially inflated the price of Rent-Way’s publicly traded securities. In June 2003, the Court entered an Order preliminarily approving a partial settlement of the action against defendants other than defendant PriceWaterhouseCoopers. A final settlement approval hearing has been scheduled for September 12, 2003.