AAN CLASS ACTION ALERT: Bernstein Liebhard Announces that a Securities Class Action Lawsuit Has Been Filed Against Aarons Inc.
March 02 2020 - 6:30PM
Business Wire
Bernstein Liebhard, a nationally acclaimed investor rights law
firm, announces that a securities class action has been filed on
behalf of investors that purchased or acquired the securities of
Aarons Inc. (“Aarons” or the “Company”) (NYSE: AAN) between March
2, 2018, and February 19, 2020 (the “Class Period”). The lawsuit
filed in the United States District Court for the Southern District
of New York alleges violations of the Securities Exchange Act of
1934.
If you purchased Aarons securities, and/or would like to
discuss your legal rights and options please visit Aarons
Shareholder Class Action or contact Matthew E. Guarnero toll free
at (877) 779-1414 or MGuarnero@bernlieb.com.
The Complaint alleges that throughout the Class Period,
Defendants made materially false and/or misleading statements, as
well as failed to disclose material adverse facts about the
Company’s business, operations, and prospects. Specifically,
Defendants failed to disclose to investors: ((i) that Aaron’s had
inadequate disclosure controls, procedures, and compliance
measures; (ii) that, consequently, the operations of Aaron’s
Progressive and AB segments were in violation of the FTC Act and/or
relevant FTC regulations; (iii) that, consequently, Aaron’s
earnings from those segments were partially derived from unlawful
business practices and were thus unsustainable; (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; and (v) that, as a result, the
Company’s public statements were materially false and misleading at
all relevant times.
On February 20, 2020, Aaron’s issued a press release announcing
the Company’s financial results for the quarter and year ended
December 31, 2019. Among other results, Aaron’s reported 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. Aaron’s advised investors 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, Aaron’s stock price fell $10.70 per share, or
19.06%, to close at $45.45 per share on February 20, 2020.
If you purchased Aarons securities, and/or would like to
discuss your legal rights and options please visit
https://www.bernlieb.com/cases/aaronsinc-aan-shareholder-class-action-lawsuit-stock-fraud-258/apply/
contact Matthew E. Guarnero toll free at (877) 779-1414 or
MGuarnero@bernlieb.com.
If you wish to serve as lead plaintiff, you must move the Court
no later than April 28, 2020. A lead plaintiff is a representative
party acting on behalf of other class members in directing the
litigation. Your ability to share in any recovery doesn’t require
that you serve as lead plaintiff. If you choose to take no action,
you may remain an absent class member.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5
billion for its clients. In addition to representing individual
investors, the Firm has been retained by some of the largest public
and private pension funds in the country to monitor their assets
and pursue litigation on their behalf. As a result of its success
litigating hundreds of lawsuits and class actions, the Firm has
been named to The National Law Journal’s “Plaintiffs’ Hot List”
thirteen times and listed in The Legal 500 for ten consecutive
years.
ATTORNEY ADVERTISING. © 2019 Bernstein Liebhard LLP. The law
firm responsible for this advertisement is Bernstein Liebhard LLP,
10 East 40th Street, New York, New York 10016, (212) 779-1414. The
lawyer responsible for this advertisement in the State of
Connecticut is Michael S. Bigin. Prior results do not guarantee or
predict a similar outcome with respect to any future matter.
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version on businesswire.com: https://www.businesswire.com/news/home/20200302006043/en/
Matthew E. Guarnero Bernstein Liebhard LLP
https://www.bernlieb.com (877) 779-1414 MGuarnero@bernlieb.com
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