The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Aaron's Inc. (AAN)
April 24 2020 - 12:30PM
Business Wire
The Law Offices of Frank R. Cruz reminds investors of the
upcoming April 28, 2020 deadline to file a lead plaintiff
motion in the class action filed on behalf of Aaron's, Inc.
(“Aaron’s” or the “Company”) (NYSE: AAN) investors who purchased
securities between March 2, 2018 and February 19, 2020,
inclusive (the “Class Period”).
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.
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If you purchased or otherwise acquired Aaron’s securities during
the Class Period, you may move the Court no later than April 28,
2020 to request appointment as lead plaintiff in this putative
class action lawsuit. To be a member of the class action 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
action. If you wish to learn more about this class action, or if
you have any questions concerning this announcement or your rights
or interests with respect to the pending class action lawsuit,
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/20200424005119/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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