Shareholder Alert: Robbins LLP Announces Aaron's, Inc. (AAN) Sued for Misleading Shareholders
March 03 2020 - 3:23PM
Business Wire
Shareholder rights law firm Robbins LLP announces that a
purchaser of Aaron's, Inc. (NYSE: AAN) filed a class action
complaint against the Company for alleged violations of the
Securities Exchange Act of 1934 between March 2, 2018 and February
19, 2020. Aaron's operates an omnichannel provider of
lease-purchase solutions and engages in the sale, lease ownership,
and specialty retailing of various products.
If you suffered a loss as a result of Aaron's' misconduct, click
here.
Aaron's, Inc. (AAN) Accused of Misleading
Shareholders
According to the complaint, on July 26, 2018, Aaron's revealed
it had received civil investigative demands ("CIDs") from the
Federal Trade Commission ("FTC") requesting the production of
documents and answers to written questions to determine whether
disclosures related to financial products offered by its AB and
progressive segments were in violation of the FTC Act. Then, in
April 2019, Aaron's AB segments received a CID from the FTC to
determine if certain customer lease agreement transactions violated
the FTC Act. However, on both occasions Aaron's assured investors
it "believe[ed] [it's] in compliance with the FTC Act." Despite its
assurances, on February 20, 2020, Aaron's announced that as a
result of the CID from the FTC, Aaron's' progressive segment will
make a payment of $175 million to enhance compliance-related
activities, including disclosure and reporting requirements. On
this news, the stock price fell $10.70, or 19% to close at $45.45
per share. The stock continues to decline.
Aaron's, Inc. (AAN) Shareholders Have Legal Options
Contact us to learn more: Leo Kandinov (800) 350-6003
lkandinov@robbinsllp.com Shareholder Information Form
Robbins LLP is a nationally recognized leader in shareholder
rights law. The firm represents individual and institutional
investors in shareholder derivative and securities class action
lawsuits, and has helped its clients realize more than $1 billion
of value for themselves and the companies in which they have
invested. Click here to receive free alerts from Stock Watch when
companies engage in wrongdoing.
Attorney Advertising. Past results do not guarantee a similar
outcome.
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Leo Kandinov Robbins LLP 5040 Shoreham Place San Diego, CA 92122
lkandinov@robbinsllp.com (619) 525-3990 or Toll Free (800) 350-6003
www.robbinsllp.com
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