Securities fraud class action litigation has been filed on behalf of investors in the common stock of Aaron’s, Inc. (“Aaron’s” or the “Company”) (NYSE: AAN). If you purchased or otherwise acquired the securities of Aaron’s between February 6, 2015 and October 29, 2015, inclusive (the “Class Period”), you may move the court for appointment as lead plaintiff by no later than August 18, 2017.
You may retain Lieff Cabraser Heimann & Bernstein, LLP, or other attorneys, as your counsel in the actions. Recognized by the National Law Journal as one of the nation’s top plaintiffs’ law firms, Lieff Cabraser is committed to safeguarding the rights of investors and upholding the integrity of the market. We have significant experience and a successful track record of representing institutional and individual investors in securities and financial fraud litigation.
Aaron’s investors may choose to have Lieff Cabraser review their claim by completing the contact form below. You can also call Sharon M. Lee of Lieff Cabraser at 1-800-541-7358 to discuss the litigation.
Background on the Aaron’s Securities Class Litigation
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.
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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.”