06.09.2004

SEC to investigate United Rentals

United Rentals, Inc. the worlds largest rental company and the owner of the worlds largest fleet of Aerial lifts has announced that it received notice that the Securities and Exchange Commission ("SEC") is conducting a non-public, fact-finding inquiry of the company.

The notice states that the inquiry does not mean that the SEC has concluded that the company or anyone else has broken the law or that the SEC has a negative opinion of any person, entity or security. The notice was accompanied by a subpoena requesting the production of documents relating to certain of the company's accounting records, but did not otherwise specify the scope or specific purpose of the inquiry.

United has said that it intends to cooperate fully with the SEC. As is the policy in such matters the SEC declined to comment on the notice or to say how long it expects the enquiry to take.

Uniteds share price plummeted on the news, dropping from this years high of $20.39 by almost 30 percent. It has since recovered slightly to $15.03 its lowest level this year.