LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Aaron’s Inc. (“Aaron’s” or the “Company”) (NYSE: AAN) securities between March 2, 2018 and February 19, 2020, inclusive (the “Class Period”). Aaron’s investors have until April 28, 2020 to file a lead plaintiff motion.
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On February 20, 2020, Aaron’s disclosed that its Progressive segment had reached an agreement in principle with the U.S. Federal Trade Commission (“FTC”) regarding the July 2018 civil investigative demand, which had sought to determine whether disclosures related to the Company’s financial products were in violation of the FTC Act. The proposed agreement required Aaron’s to “make a payment of $175 million and enhance certain compliance-related activities, including monitoring, disclosure and reporting requirements.”
On this news, the Company’s share price fell $10.70 per share, or over 19%, to close at $45.45 per share on February 20, 2020, thereby injuring investors.
The complaint alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose: (1) that Aaron’s had inadequate disclosure controls, procedures, and compliance measures; (2) that, consequently, the operations of Aaron’s Progressive and AB segments were in violation of the FTC Act and/or relevant FTC regulations; (3) that, consequently, Aaron’s earnings from those segments were partially derived from unlawful business practices and were thus unsustainable; (4) the full extent of Aaron’s liability regarding the likely negative consequences of all the foregoing on the Company’s financial results; and (5) that, as a result, the Company’s public statements were materially false and misleading at all relevant times.
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If you purchased Aaron’s securities during the Class Period, you may move the Court no later than April 28, 2020 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased Aaron’s securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to firstname.lastname@example.org, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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