Securities & Investment Fraud

Aaron’s, Inc. Securities Class Litigation

Securities and Financial Fraud

Introduction

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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II. TRANSACTIONS IN AARON'S COMMON STOCK

Number of shares of Aaron's common stock held immediately before the start of the Class Period on February 6, 2015:

From February 6, 2015 through October 29, 2015, inclusive, I made the following transactions in Aaron's common stock:

PURCHASES

Date
No. of Shares
Price

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SALES

Date
No. of Shares
Price

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During the 90 days after October 29, 2015, I made the following transactions in Aaron's common stock:

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Price

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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.”

FleetCor Technologies, Inc. Securities Class Litigation

Securities and Financial Fraud

Introduction

Securities fraud class action litigation has been filed on behalf of investors in the publicly traded securities of FleetCor Technologies, Inc. (“FleetCor” or the “Company”) (NYSE: FLT). If you purchased or otherwise acquired the securities of FleetCor between February 5, 2016 and May 2, 2017, inclusive (the “Class Period”), you may move the court for appointment as lead plaintiff by no later than August 14, 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.

FleetCor 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 FleetCor Securities Class Litigation

FleetCor provides specialized payment products and services, including fuel cards for businesses worldwide. The complaint filed in the action alleges that throughout the Class Period, defendants made materially false and misleading statements and failed to disclose that FleetCor’s earnings and growth were attributable, in significant part, to improper and fraudulent business practices, including overcharging customers and assessing exorbitant fees not clearly disclosed in contracts, disseminating misleading marketing materials, and engaging in predatory sales practices. FleetCor also failed to disclose that its bill payment system could not properly and timely process customer bill payments.

On December 19, 2016, FleetCor’s largest customer, Chevron, reportedly signed a long-term contract with FleetCor’s chief competitor to replace FleetCor as a provider of branded commercial fuel cards beginning in January 2018.  Following this news, the price of FleetCor’s common stock fell $5.08 per share, or 3.43%, from its closing price on December 16, 2016, to close at $142.96 per share on December 19, 2016.

On March 1, 2017, Capital Forum, a firm that provides investigative news and legal analysis of industry issues, published a report on its investigation into FleetCor’s business practices, noting that FleetCor’s success has been based on “(1) understating or misrepresenting the fees associated with its products at the point of sale; (2) waiving fees during the first three months of card use when customers are most likely to carefully scrutinize their bills; and (3) burying fees at the end of lengthy transaction reports utilizing a host of vague descriptors.”  In addition, according to the report, FleetCor’s bill payment system was reportedly “plagued by critical deficiencies that make it difficult for the customer to timely pay FleetCor bills.”  On March 1, 2017, FleetCor’s stock price fell $5.25 per share, or 3.09%, from its closing price on February 28, 2017 to close at $164.75.

On April 4, 2017, Citron Research, an online stock commentary website, published a report accusing FleetCor of being a “predatory company by design whose core strategy is to methodically rip off its customers using business practices and fees that are designed to deceive.”  Following this report, FleetCor’s stock fell $8.55 per share, or 5.69%, from its closing price on April 3, 2017 to close at $141.60 per share on the next day.

On April 27, 2017, Citron Research issued a follow-up report providing additional details on FleetCor’s illicit business practices.  On that day, FleetCor stock fell $5.73 per share, or 3.79%, from its closing price on April 26, 2017 to close at $145.65 per share.

On May 1, 2017, Chevron sued FleetCor for breach of contract. FleetCor’s stock price fell $10.18 per share, or 6.87%, from its closing price on May 1, 2017 to close at $138 per share on the next day.  On May 3, 2017, following media reports of the Chevron lawsuit, FleetCor’s stock price fell another $6.74 per share, or 4.88%.


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II. TRANSACTIONS IN FLEETCOR SECURITIES

Number of shares of FleetCor securities held immediately before the start of the Class Period on February 5, 2016:

From February 5, 2016 through May 2, 2017, inclusive, I made the following transactions in FleetCor securities:

PURCHASES

Date
No. of Shares
Price

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SALES

Date
No. of Shares
Price

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During the 90 days after May 2, 2017, I made the following transactions in FleetCor securities:

SALES

Date
No. of Shares
Price

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Comments & questions:

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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.”

Wells Fargo & Company Shareholder Derivative Litigation

Securities and Financial Fraud

Lieff Cabraser serves as Co-Lead Counsel for Co-Lead Plaintiffs Fire and Police Pension Association of Colorado and The City of Birmingham Retirement and Relief System in this consolidated shareholder derivative action alleging that, since at least 2011, the Board and executive management of Wells Fargo & Company (“Wells Fargo”) knew or consciously disregarded that Wells Fargo employees were illicitly creating millions of deposit and credit card accounts for their customers, without those customers’ consent, in an attempt to drive up “cross-selling,” i.e., selling complementary Wells Fargo banking products to prospective or existing customers.

Revelations regarding the scheme, and the defendants’ knowledge or blatant disregard of it, have deeply damaged Wells Fargo’s reputation and cost it millions of dollars in regulatory fines and lost business. In May 2017, the court largely denied defendants’ motion to dismiss plaintiff’s amended complaint.

The case is In re Wells Fargo & Company Shareholder Derivative Litigation, No. 3:16-cv-05541 (N.D. Cal.).

Navient Corporation Securities Class Litigation

Securities and Financial Fraud

Lieff Cabraser serves as lead counsel for the court-appointed lead plaintiff, a group of Lord Abbett funds, in Lord Abbett Affiliated Fund, Inc., et al. v. Navient Corporation, et al., No. 1:16-cv-112-GMS (D. Del.), a securities fraud class action arising under the PSLRA against Navient, certain of Navient’s senior officers and directors, and the underwriters of certain of Navient’s public debt offerings.

The consolidated actions allege that defendants misrepresented or failed to disclose that (i) Navient’s loan-servicing practices violated applicable federal regulations and jeopardized a contingency collection contract with the U.S. Department of Education (“DOE”); (ii) the Company had an increased number of higher-risk borrowers who were not repaying their loans and Navient failed to properly account for this increased risk of loss in its reported financial results; (iii) Navient’s operating structure was inefficient as a result of its spin-off from Sallie Mae; and (iv) a significant portion of the Company’s low-rate credit facilities were at risk of being reduced or eliminated.

A consolidated amended class action complaint was filed in September 2016 and the parties have since fully briefed defendants’ motion to dismiss.

BofI Holding, Inc. Securities Class Litigation

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Lieff Cabraser serves as lead counsel for court-appointed lead plaintiff, Houston Municipal Employees Pension System (“HMEPS”), in this securities fraud class action against BofI Holding, Inc. and certain of its senior officers. The action charges defendants with issuing materially false and misleading statements and failing to disclose material adverse facts about BofI’s business, operations, and performance.

In September 2016, the court largely denied defendants’ motion to dismiss the consolidated amended complaint. Plaintiff filed a second amended complaint in November 2016 in order to remedy the few claims that had been dismissed. In May 2017, the court denied in significant part defendants’ motion to dismiss that complaint.

The case is Houston Municipal Employees Pension System v. BofI Holding, Inc., et al., No. 3:15-cv-02324 (S.D. Cal.). A copy of the consolidated amended complaint is available here.

If you would like more information about the litigation, or have information relevant to the lawsuit, please use the form below or contact Richard Texier of Lieff Cabraser toll-free at 1-800-541-7358 or at rtexier@lchb.com.

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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.” Best Lawyers and U.S. News named Lieff Cabraser as a “Law Firm of the Year” for 2016, and Benchmark Litigation included our firm in its 2016 “Top 10 Plaintiffs Firms” listing.

Petrobras Securities Litigation

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Janus Overseas Fund, et al. v. Petróleo Brasileiro S.A. – Petrobras, et al., No. 1:15-cv-10086-JSR (S.D.N.Y.); Dodge & Cox Global Stock Fund, et al. v. Petróleo Brasileiro S.A. – Petrobras, et al., No. 1:15-cv-10111-JSR (S.D.N.Y.).

Lieff Cabraser represented several funds managed by Janus and several funds managed by Dodge & Cox in individual securities cases arising from the massive fraud at Petrobras, a state-run semi-public energy and oil-production company headquartered in Rio de Janeiro, Brazil. Plaintiffs sought recovery under the federal securities laws for damages they suffered on transactions in Petrobras securities during the period December 29, 2010 through July 28, 2015 (the “Relevant Period”), due to a pervasive and long-running scheme of bribery and corruption at Petrobras.

Plaintiffs alleged that beginning around 2005 and continuing through the Relevant Period, the Company engaged in a scheme whereby contractors paid bribes to Petrobras executives and others in exchange for the award of lucrative oil and gas construction contracts. Some of the bribes were passed on to Brazilian politicians and political parties. The Company then paid the contractors inflated amounts under the contracts in order to repay them for the bribes. When the fraud was finally revealed beginning in May 2014, it sent shockwaves through the Brazilian government and economy, and caused Petrobras’s market capitalization to plummet. Authorities estimate the scheme has diverted up to, or more than, $28 billion from the Company’s coffers.

Lieff Cabraser’s cases were part of consolidated proceedings before Judge Jed S. Rakoff in the Southern District of New York. The parties reached settlements in the cases in October of 2016.

Flotek Industries, Inc. Securities Class Litigation

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Introduction

Securities fraud class action litigation has been filed on behalf of investors in Flotek Industries, Inc. (“Flotek” or the “Company”) (NYSE: FTK). If you purchased or otherwise acquired the securities of Flotek between October 23, 2014 and November 19, 2015, inclusive (the “Class Period”), you may move the court for appointment as lead plaintiff by no later than January 11, 2016.

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.

Flotek 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 Flotek Class Litigation

Flotek is a global diversified, technology-driven company that develops and supplies oilfield products, services and equipment to the oil, gas and mining industries, and other products that are sold in consumer and industrial markets.

The actions allege that, throughout the Class Period, defendants issued materially false and misleading statements to investors and/or failed to disclose that: (1) Flotek’s proprietary software application FracMax had data and process errors; (2) the reported production data from FracMax for three of the wells in the Company’s New York City Investor Presentation on September 11, 2015 were inaccurate; and (3) an application from the Company claiming to be FracMax available in the Apple iTunes Store does not work.

On November 9, 2015, the firm Bronte Capital published a report on Flotek asserting, among other things, that: (1) the production data of four proximate wells in Texas set forth in Flotek’s September 11, 2015 presentation to investors did not match the data of the Texas Railroad Commission; and (2) a version of FracMax available in the Apple iTunes Store does not work. On this news, the price of Flotek shares fell $3.50 per share, or 19.34%, from its closing price on November 6, 2015 to close at $14.60 per share on the next trading day, November 9, 2015, on extremely heavy trading volume.

On November 10, 2015, the Company issued a press release acknowledging data and process errors in its FracMax database and the understatement of production data in Company’s presentation on September 11, 2015. On this news, the price of Flotek shares fell $5.56 per share, or 38.1%, from its closing price on November 9, 2015, to close at $9.04 per share on November 10, 2015, on extremely heavy trading volume.

About Lieff Cabraser

Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, and 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 thirteen 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.” Best Lawyers and U.S. News have named Lieff Cabraser as a “Law Firm of the Year” for each year the publications have given this award to law firms.

National Century Financial Enterprises Financial Fraud

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Result: Settlements valued at over 70% of client’s $89 million in losses
Year: 2011

In re National Century Financial Enterprises, Inc. Investment Fraud Litigation

Lieff Cabraser attorneys Steven E. Fineman and Michael J. Miarmi served as outside counsel for the New York City Employees’ Retirement System, Teachers’ Retirement System for the City of New York, New York City Police Pension Fund, and New York City Fire Department Pension Fund in this multidistrict litigation arising from fraud in connection with NCFE’s issuance of notes backed by healthcare receivables.

The New York City Pension Funds suffered approximately $89 million in losses resulting from the massive NCFE fraud. Having successfully resolved their claims against numerous parties, the Funds maintain claims against several NCFE founders. To date, the Funds have recovered approximately 70% of their losses, primarily through settlements achieved on their behalf by Lieff Cabraser.

Qwest Communications International Direct Securities Fraud Litigation

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Result: Recoveries for clients in direct action were 13 times what they would have received in class case
Year: 2007

In re Qwest Communications International, Inc. Securities Fraud and “ERISA” Litigation (No. II)

Lieff Cabraser represented the New York State Common Retirement Fund, Fire and Police Pension Association of Colorado, Denver Employees’ Retirement Plan, San Francisco Employees’ Retirement System, and over thirty BlackRock managed mutual funds in individual securities fraud actions (“opt out” cases) against Qwest Communications International, Inc., Philip F. Anschutz, former co-chairman of the Qwest board of directors, and other senior executives at Qwest.

In each action, the plaintiffs charged defendants with massively overstating Qwest’s publicly-reported growth, revenues, earnings, and earnings per share from 1999 through 2002. The cases were filed in the wake of a $400 million settlement of a securities fraud class action against Qwest that was announced in early 2006.

The cases brought by Lieff Cabraser’s clients settled in October 2007 for recoveries totaling more than $85 million, or more than 13 times what the clients would have received had they remained in the class.

Alex Brown Management Services Securities Fraud Lawsuits

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Result: Confidential settlement
Year: 2006

Albert, et al. v. Alex. Brown Management Services, Inc., et al.; Baker, et al. v. Alex. Brown Management Services, Inc., et al. Securities Fraud Litigation

In May 2004, on behalf of investors in two investment funds controlled, managed and operated by Deutsche Bank and advised by DC Investment Partners, Lieff Cabraser filed lawsuits for alleged fraudulent conduct that resulted in an aggregate loss of hundreds of millions of dollars.

The suits named as defendants Deutsche Bank and its subsidiaries Alex Brown Management Services and Deutsche Bank Securities, members of the funds’ management committee, as well as DC Investments Partners and two of its principals. Among the plaintiff-investors were 70 high net worth individuals. In the fall of 2006, the cases settled by confidential agreement.