Greenwich, Conn.-based United Rentals, which has been the subject of a Securities and Exchange Commission inquiry since August 2004 in connection with a broad range of the company’s historical accounting practices last week said it expects to recognize a $14 million charge in the second quarter of 2008. This amount represents the company’s current best estimate for the liability associated with the inquiry. The inquiry, however, is ongoing and the ultimate outcome is still uncertain.
Upon United Rental’s filing of Form 8K with the SEC regarding the charge, UBS downgraded the company’s stock from “buy” to “neutral.”
United Rentals is No. 1 on the RER 100.