NEW YORK, March 4, 2020 /PRNewswire/ -- Bernstein
Liebhard, a nationally acclaimed investor rights law firm,
announces that a securities class action has been filed on behalf
of investors that purchased or acquired the securities of Aarons
Inc. ("Aarons" or the "Company") (NYSE: AAN) between March 2, 2018, and February 19, 2020 (the "Class Period"). The
lawsuit filed in the United States
District Court for the Southern District of New York alleges violations of the Securities
Exchange Act of 1934.
If you purchased Aarons securities, and/or would like to
discuss your legal rights and options please visit Aarons
Shareholder Class Action or contact Matthew
E. Guarnero toll free at (877) 779-1414 or
MGuarnero@bernlieb.com.
The Complaint alleges that throughout the Class Period,
Defendants made materially false and/or misleading statements, as
well as failed to disclose material adverse facts about the
Company's business, operations, and prospects. Specifically,
Defendants failed to disclose to investors: ((i) that Aaron's had
inadequate disclosure controls, procedures, and compliance
measures; (ii) that, consequently, the operations of Aaron's
Progressive and AB segments were in violation of the FTC Act and/or
relevant FTC regulations; (iii) that, consequently, Aaron's
earnings from those segments were partially derived from unlawful
business practices and were thus unsustainable; (iv) the full
extent of Aaron's liability regarding the FTC's investigation into
its Progressive and AB segments, Aaron's noncompliance with the FTC
Act, and the likely negative consequences of all the foregoing on
the Company's financial results; and (v) that, as a result, the
Company's public statements were materially false and misleading at
all relevant times.
On February 20, 2020, Aaron's
issued a press release announcing the Company's financial results
for the quarter and year ended December 31,
2019. Among other results, Aaron's reported that the
Company's Progressive segment had reached an agreement in principle
with FTC staff regarding the CID from the FTC that Progressive
received in July 2018. Aaron's
advised investors that "[u]nder the proposed agreement, which
requires final approval by FTC Commissioners and the U.S. District
Court for the Northern District of Georgia, Progressive will make a payment of
$175 million and enhance certain
compliance-related activities, including monitoring, disclosure and
reporting requirements."
On this news, Aaron's stock price fell $10.70 per share, or 19.06%, to close at
$45.45 per share on February 20, 2020.
If you purchased Aarons securities, and/or would like to
discuss your legal rights and options please visit
https://www.bernlieb.com/cases/aaronsinc-aan-shareholder-class-action-lawsuit-stock-fraud-258/apply/
contact Matthew E. Guarnero toll
free at (877) 779-1414 or MGuarnero@bernlieb.com.
If you wish to serve as lead plaintiff, you must move the Court
no later than April 28, 2020. A lead
plaintiff is a representative party acting on behalf of other class
members in directing the litigation. Your ability to share in any
recovery doesn't require that you serve as lead plaintiff. If you
choose to take no action, you may remain an absent class
member.
Since 1993, Bernstein Liebhard LLP has recovered over
$3.5 billion for its clients. In
addition to representing individual investors, the Firm has been
retained by some of the largest public and private pension funds in
the country to monitor their assets and pursue litigation on their
behalf. As a result of its success litigating hundreds of lawsuits
and class actions, the Firm has been named to The National
Law Journal's "Plaintiffs' Hot List" thirteen times and
listed in The Legal 500 for ten consecutive
years.
ATTORNEY ADVERTISING. © 2019 Bernstein Liebhard LLP. The law
firm responsible for this advertisement is Bernstein Liebhard LLP,
10 East 40th Street, New York, New
York 10016, (212) 779-1414. The lawyer responsible for this
advertisement in the State of
Connecticut is Michael S. Bigin. Prior results do not
guarantee or predict a similar outcome with respect to any future
matter.
Contact Information
Matthew E. Guarnero
Bernstein Liebhard LLP
https://www.bernlieb.com
(877) 779-1414
MGuarnero@bernlieb.com
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SOURCE Bernstein Liebhard LLP