Company Website:
https://lieffcabraser.com/
SAN FRANCISCO -- (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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170717006107/en/
Contacts:
Source/Contact for Media Inquiries Only
Lieff Cabraser
Heimann & Bernstein, LLP
Sharon M. Lee, 1-800-541-7358
Source: Lieff Cabraser Heimann & Bernstein, LLP
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