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Aaron’s Inc (NYSE: AAN) Investor Securities Class Action Lawsuit 06/16/2017

  • If you purchased shares of Aaron’s Inc (NYSE: AAN), you may have certain options. Please contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Case Dismissed
Company
Aaron's, Inc.
Security
NYSE: AAN

Case Name
Aaron's Shareholder Class Action Lawsuit 06/16/2017
Type of Lawsuit
Shareholder Class Action
Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

September 26, 2018 - The case was dismissed.

December 15, 2017 - A motion to dismiss the amended consolidated complaint was filed.

October 27, 2017 - An amended consolidated complaint was filed.

June 16, 2017 - An investor in shares of Aaron’s Inc (NYSE: AAN) filed a lawsuit in the U.S. District Court for the Northern District of Georgia over alleged violations of Federal Securities Laws by Aaron’s Inc in connection with certain allegedly false and misleading statements made between February 6, 2015 to October 29, 2015.

According to the complaint the plaintiff alleges on behalf of purchasers of Aaron’s Inc (NYSE: AAN) common shares between February 6, 2015 to October 29, 2015, that the defendants misled investors with regard to its subsidiary, Progressive Finance Holdings, LLC. More specifically, the plaintiff claims that between February 6, 2015 to October 29, 2015, that Aaron’s Inc concealed from investors that Aaron’s Inc was experiencing software issues that impacted Progressive's underwriting algorithm, and that in truth, Progressive Finance Holdings, LLC had lost critical data in February 2015, which impacted the Company's ability to make loans and collect payments.

On October 30, 2015, Aaron's Inc announced its third quarter 2015 financial results. Aaron's Inc attributed its results, in part, to “higher bad debt expense and merchandise write offs due to a temporary interruption of certain data attributes we use to approve leases, as well as software issues that delayed our ability to identify and begin collections on certain delinquent accounts.”

Shares of Aaron's Inc (NYSE: AAN) declined from $40.33 per share on October 9, 2015 to as low as $20.33 per share on January 8, 2016.

On February 17 2017, Aaron’s Inc reported its fourth quarter and year end 2016 results. Aaron's Inc reported that its annual Total Revenue rose from over $3.17 billion in 2015 $3.2 billion in 2016 and that its Net Income rose from $135.71 million in 2015 to $139.28 million in 2016.

Shares of Aaron's Inc (NYSE: AAN) closed on April 11, 2017 at $30.89 per share.