The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Aaron's Inc. Investors (AAN)
March 06 2020 - 1:29PM
Business Wire
The Law Offices of Frank R. Cruz announces that a class action
lawsuit has been filed on behalf of persons and entities that
purchased or otherwise acquired Aaron’s Inc. (“Aaron’s” or the
“Company”) (NYSE: AAN) securities between March 2, 2018 and
February 19, 2020, inclusive (the “Class Period”). Aaron’s
investors have until April 28, 2020 to file a lead plaintiff
motion.
If you are a shareholder who suffered a loss, click here to
participate.
On February 20, 2020, Aaron’s disclosed that its Progressive
segment had reached an agreement in principle with the U.S. Federal
Trade Commission (“FTC”) regarding the July 2018 civil
investigative demand, which had sought to determine whether
disclosures related to the Company’s financial products were in
violation of the FTC Act. The proposed agreement required Aaron’s
to “make a payment of $175 million and enhance certain
compliance-related activities, including monitoring, disclosure and
reporting requirements.”
On this news, the Company’s share price fell $10.70 per share,
or over 19%, to close at $45.45 per share on February 20, 2020,
thereby injuring investors.
The complaint alleges that defendants throughout the Class
Period made false and/or misleading statements and/or failed to
disclose: (1) that Aaron’s had inadequate disclosure controls,
procedures, and compliance measures; (2) that, consequently, the
operations of Aaron’s Progressive and AB segments were in violation
of the FTC Act and/or relevant FTC regulations; (3) that,
consequently, Aaron’s earnings from those segments were partially
derived from unlawful business practices and were thus
unsustainable; (4) the full extent of Aaron’s liability regarding
the likely negative consequences of all the foregoing on the
Company’s financial results; and (5) that, as a result, the
Company’s public statements were materially false and misleading at
all relevant times.
Follow us for updates on Twitter: twitter.com/FRC_LAW.
If you purchased Aaron’s securities during the Class Period, you
may move the Court no later than April 28, 2020 to ask the
Court to appoint you as lead plaintiff. To be a member of the Class
you need not take any action at this time; you may retain counsel
of your choice or take no action and remain an absent member of the
Class. If you purchased Aaron’s securities, have information or
would like to learn more about these claims, or have any questions
concerning this announcement or your rights or interests with
respect to these matters, please contact Frank R. Cruz, of The Law
Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los
Angeles, California 90067 at 310-914-5007, by email to
info@frankcruzlaw.com, or visit our website at
www.frankcruzlaw.com. If you inquire by email please include your
mailing address, telephone number, and number of shares
purchased.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: https://www.businesswire.com/news/home/20200306005441/en/
The Law Offices of Frank R. Cruz, Los Angeles Frank R. Cruz,
310-914-5007 fcruz@frankcruzlaw.com www.frankcruzlaw.com
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