AAN INVESTORS NOTICE: Lieff Cabraser Reminds Investors of Deadline in Class Action Against Aaron’s, Inc.
July 17 2017 - 3:01PM
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 securities class litigation brought on behalf
of investors who purchased the common stock of Aaron’s, Inc.
(“Aaron’s” or the “Company”) (NYSE: AAN) between February 6, 2015
and October 29, 2015, inclusive (the “Relevant Period”).
If you purchased Aaron’s common stock during the Relevant
Period, you may move the Court for appointment as lead plaintiff by
no later than August 18, 2017. 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 action 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, engages in the sales
and lease ownership and specialty retailing of furniture, consumer
electronics, home appliances and accessories. The complaint filed
in the action alleges that throughout the Class Period, defendants
made material misrepresentations about the strong revenue and sales
growth generated by Progressive Finance Holdings, LLC
(“Progressive”), Aaron’s most profitable subsidiary, and
Progressive’s proprietary algorithm, which it used to determine
which customers meet leasing qualifications. Unbeknownst to
investors, Aaron’s experienced software issues related to the
Progressive algorithm, including the loss of critical data, which
undermined Progressive’s ability to determine which customers met
leasing qualifications.
On October 30, 2015, Aaron’s admitted that Progressive had lost
two critical data feeds in February. The Company acknowledged that
the loss of data caused it to experience “higher bad debt expense
and merchandise write offs” and delayed the Company’s “ability to
identify and begin collections on certain delinquent accounts.”
Aaron’s senior executives admitted that the Company had discovered
the data loss in February, nearly nine months earlier. Following
this news, the price of Aaron’s stock plummeted $8.88 per share, or
26.47%, from a close of $33.55 per share on October 29, 2015, to
close at $24.67 per share on October 30, 2015, on highly elevated
trading volume.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San
Francisco, New York, Nashville, and Seattle, 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.” In late 2016, Benchmark Litigation
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
http://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: http://www.businesswire.com/news/home/20170717006107/en/
Source/Contact for Media Inquiries OnlyLieff Cabraser
Heimann & Bernstein, LLPSharon M. Lee, 1-800-541-7358
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