MRU HOLDINGS, INC.

Summary of Case: A securites class action has been filed against MRU Holdings, Inc. (UNCLQ) ("MRU" or the "Company") on behalf of all common stock purchasers from July 9, 2007 through September 19, 2008 (Class Period) in the United States District Court for the Southern District of New York.

The complaint alleges that during the Class Period, defendants issued statements regarding MRU's business and financial results that contained untrue statements of material fact. Defendants knew or were reckless in not knowing that the market for Auction Rate Securities ("ARSs") was illiquid and existed at the whim of the broker-dealers, and that without the favorable securitization terms generated by this market the Company's business model was untenable. Statements issued by defendants did not disclose the nature of this market or the extent of the Company's reliance on it. As a result of these material omissions and untrue statements of material fact, MRU securities traded at artificially inflated prices during the Class Period. Beginning on July 7, 2008, the truth was revealed regarding MRU's business, causing the price of MRU's securities to drop precipitously.