AAN Shareholder Alert: April 28, 2020 Filing Deadline in Class Action – Contact Lieff Cabraser
March 17 2020 - 9:00AM
Business Wire
The law firm of Lieff Cabraser Heimann & Bernstein, LLP
reminds investors of the upcoming deadline to move for appointment
as lead plaintiff in the class action litigation on behalf of
investors who purchased or otherwise acquired the securities of
Aaron’s, Inc. (“Aaron’s” or the “Company”) (NYSE: AAN) between
March 2, 2018 and February 19, 2020, inclusive (the “Class
Period”).
If you purchased or otherwise acquired the securities of Aaron’s
during the Class Period, you may move the Court for appointment as
lead plaintiff by no later than April 28, 2020. A lead plaintiff is
a representative party who acts on behalf of other class members in
directing the litigation. Your share of any recovery in the actions
will not be affected by your decision of whether to seek
appointment as lead plaintiff. You may retain Lieff Cabraser, or
other attorneys, as your counsel in the action.
Aaron’s investors who wish to learn more about the litigation
and how to seek appointment as lead plaintiff should click here or
contact Sharon M. Lee of Lieff Cabraser toll-free at
1-800-541-7358.
Aaron’s, headquartered in Atlanta, Georgia, operates as a
provider of lease-purchase solutions to underserved and
credit-challenged customers.
The Complaint alleges that, throughout the Class Period,
Defendants made false and/or misleading statements and/or failed to
disclose: (1) that Aaron’s had disclosure controls, procedures, and
compliance measures which were inadequate; (2) that as a result,
the operations of Aaron’s Progressive and AB segments were in
violation of the Federal Trade Commission (“FTC”) Act and/or
relevant FTC regulations; (3) that, consequently, the Company’s
earnings from those segments were derived in part from unlawful and
therefore unsustainable business practices; and (4) the full scope
of Aaron’s liability regarding the FTCs investigation into its
Progressive and AB segments, the Company’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, after markets closed, Aaron’s disclosed that,
in July 2018, the Company received civil investigative demands
(“CID”) from the FTC requesting Aaron’s produce documents and
answers to written questions to determine whether disclosures
related the Company’s financial products offered through its AB and
Progressive segments had violated the FTC Act. On this news, the
price of Aaron’s stock fell $5.38 per share, or 11.01%, from its
closing price of $48.85 on July 16, 2018, to close at $43.47 per
share on July 27, 2018, on elevated trading volume.
On February 20, 2020, Aaron’s announced that the Company’s
Progressive segment had reached an agreement in principle with FTC
staff concerning the CID. Aaron’s revealed 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,
the price of Aaron’s stock dropped $10.70 per share, or 19.06%,
from its closing price of $55.93 on February 19, 2020, to close at
$45.45 per share on February 20, 2020, on extremely heavy trading
volume.
The next day, Aaron’s announced a second settlement with the FTC
with respect to its anticompetitive activities with competing
companies between June 2015 and May 2018 that led to reduced
competition and quality and service at the companies’ stores. On
this news, the price of Aaron’s stock fell another $2.12 per share,
or 4.6%, from its closing price of $45.45 on February 20, 2020, to
close at $43.33 on February 21, 2020, on heavy trading volume.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San
Francisco, New York, and Nashville, is a nationally recognized law
firm committed to advancing the rights of investors and promoting
corporate responsibility.
The National Law Journal has recognized Lieff Cabraser as one of
the nation’s top plaintiffs’ law firms for fourteen years. In
compiling the list, the National Law Journal examines recent
verdicts and settlements and looked for firms “representing the
best qualities of the plaintiffs’ bar and that demonstrated unusual
dedication and creativity.” Law360 has selected Lieff Cabraser as
one of the Top 50 law firms nationwide for litigation, highlighting
our firm’s “laser focus” and noting that our firm routinely finds
itself “facing off against some of the largest and strongest
defense law firms in the world.” Benchmark Litigation has named
Lieff Cabraser one of the “Top 10 Plaintiffs’ Firms in
America.”
For more information about Lieff Cabraser and the firm’s
representation of investors, please visit
https://www.lieffcabraser.com/.
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/20200317005135/en/
Source/Contact for Media Inquiries Only Sharon M. Lee
Lieff Cabraser Heimann & Bernstein, LLP Telephone:
1-800-541-7358
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