SAN FRANCISCO--(BUSINESS WIRE)--The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that class action litigation has been filed 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 “Class Period”).
If you purchased Aaron’s common stock during the Class 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.
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.
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.” In 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 https://www.lieffcabraser.com.
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