RM LAW, P.C. announces that a class action lawsuit has been filed on behalf of all persons or entities that purchased Aaron’s, Inc. (NYSE: AAN) (“Aaron’s” or the “Company”) securities between February 6, 2015 to October 29, 2015, inclusive (the “Class Period”).
Aaron’s shareholders may, no later than August 18, 2017, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of Aaron’s and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (844) 291-9299 or to sign up online, click here.
Aaron’s, Inc. operates an omnichannel provider of lease-purchase solutions. It operates through five segments: Sales and Lease Ownership, Progressive, DAMI, Franchise, and Manufacturing.
The complaint alleges that throughout the Class Period, Defendants made false and misleading statements regarding its subsidiary, Progressive Finance Holdings, LLC (“Progressive”). The Complaint also alleges that Aaron’s concealed from investors that it was experiencing software issues that impacted the Company’s underwriting algorithm and that Progressive had lost critical data in February 2015, which negatively impacted its ability to make loans and collect payments.
On October 30, 2015, Aaron’s revealed that nine months earlier, in February 2015, Progressive Finance Holdings, LLC, its most lucrative subsidiary, had lost two important data feeds used to determine customers’ leasing qualifications and that this loss of data caused Aaron’s to experience “higher bad debt expense and merchandise write offs” and delayed its “ability to identify and begin collections on certain delinquent accounts.” Following these revelations, Aaron’s stock dropped $8.88 per share, or 26.47%, to close at $24.67 on October 30, 2015.
If you are a member of the class, you may, no later than August 18, 2017, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as “lead plaintiff.” Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain RM LAW, P.C. or other counsel of your choice, to serve as your counsel in this action.