NEW YORK--(BUSINESS WIRE)--The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Aaron's, Inc. (NYSE: AAN) who purchased shares between February 6, 2015 and October 29, 2015. The action, which was filed in the United States District Court for the Northern District of Georgia, alleges that the Company violated federal securities laws.
In particular, the complaint alleges that throughout the Class Period, defendants made materially false and/or misleading statements and/or failed to disclose that (1) the Company touted the proprietary algorithm of its subsidiary, Progressive Finance Holdings, LLC, when software issues plagued Progressive’s ability to determine which customers met the leasing qualifications; (2) Progressive suffered a loss of critical data that impacted its ability to make loans and collect payments.
On October 30, 2015, the Company disclosed that Progressive had lost two critical data feeds in February 2015, which affected the Company’s ability to make loans and collect payments.
Shareholders have until August 18, 2017 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
If you suffered a loss during the class period and wish to obtain additional information, please contact Joseph Klein, Esq. by telephone at 212-616-4899 or visit http://www.kleinstocklaw.com/pslra-sb/aarons-inc.
Joseph Klein, Esq. is an experienced attorney and has also practiced as a Certified Public Accountant. Mr. Klein represents investors and participates in securities litigations involving financial fraud throughout the nation. Attorney advertising. Prior results do not guarantee similar outcomes.