INVESTOR ALERT: Kirby McInerney LLP Reminds Investors That a Class Action Lawsuit Has Been Filed Against Aaron’s Inc. & Enc...
The law firm of Kirby McInerney LLP announces that a class
action lawsuit has been filed in the U.S. District Court for the
Southern District of New York on behalf of those who acquired
Aaron’s Inc. (“Aaron’s” or the “Company”) (NYSE: AAN) securities
during the period from March 2, 2018 through February 19, 2020.
Investors have until April 28, 2020 to apply to the Court to be
appointed as lead plaintiff in the lawsuit.
The lawsuit alleges that the Company failed to disclose that:
(i) Aaron’s had inadequate disclosure controls, procedures, and
compliance measures; (ii) consequently, the operations of Aaron’s
Progressive and AB segments were in violation of the FTC Act and/or
relevant FTC regulations; (iii) consequently, Aaron’s earnings from
those segments were partially derived from unlawful business
practices and were thus unsustainable; and (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.
On July 26, 2018, Aaron’s announced that in July 2018 it had
received civil investigative demands (“CIDs”) from the FTC
requesting the production of documents and answers to written
questions to determine whether disclosures related to financial
products offered by the Company through its AB and Progressive
segments were in violation of the FTC Act. On this news, Aaron’s
stock price fell $5.38 per share, or 11.0%, to close at $43.47 on
July 27, 2018.
On February 20, 2020, Aaron’s announced 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. The proposed agreement would require Progressive to
“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 19.1%, to close at $45.45 on February 20,
If you acquired Aaron’s securities, have information, or would
like to learn more about these claims, please contact Thomas W.
Elrod of Kirby McInerney LLP at 212-371-6600, by email at
firstname.lastname@example.org, or by filling out this contact form, to
discuss your rights or interests with respect to these matters
without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm
concentrating in securities, antitrust, and whistleblower
litigation. The firm’s efforts on behalf of shareholders in
securities litigation have resulted in recoveries totaling billions
of dollars. Additional information about the firm can be found at
Kirby McInerney LLP’s website: www.kmllp.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
version on businesswire.com: https://www.businesswire.com/news/home/20200306005540/en/
Kirby McInerney LLP Thomas W. Elrod, Esq. (212) 371-6600
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