November 16, 2020 - The case was voluntarily dismissed.

May 15, 2020 - An investor in shares of Conn’s, Inc. (NASDAQ: CONN) filed a lawsuit in the U.S. District Court for the Southern District of Texas over alleged violations of Federal Securities Laws by Conn’s, Inc. in connection with certain allegedly false and misleading statements made between September 3, 2019 and December 9, 2019.

The Woodlands, TX based Conn's, Inc. operates as a specialty retailer of durable consumer goods and related services in the United States. Conn's, Inc. reported that its Total Revenue declined from over $1.52 billion for the 12 months period that ended on January 31, 2019 to $1.505 billion for the 12 months period that ended on January 31, 2020, and that its Net Income over those respective time periods declined from $73.84 million to $56 million.

On September 3, 2019, Conn's, Inc. reported its second fiscal quarter 2020 financial results for the quarter ending July 31, 2019. During the conference call held that day, over one month into the third fiscal quarter, the Company touted its confidence in our underwriting and collections performance and stated our stable credit segment provides us with additional opportunities to grow retail sales and differentiate our business from other retailers.

On December 10, 2019, before the market opened, Conn's, Inc. reported its third fiscal quarter 2020 financial results for the period ending October 31, 2019, including a decrease in retail revenue driven primarily by an 8.4% decrease in same store sales reflect[ing] underwriting adjustments made during the three months ended October 31, 2019. Shares of Conn's, Inc. (NASDAQ: CONN) declined from $26.91 per share on September 11, 2019 to as low as $3.31 per share on April 2, 2020.

According to the complaint the plaintiff alleges on behalf of purchasers of Conn’s, Inc. (NASDAQ: CONN) common shares between September 3, 2019 and December 9, 2019, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between September 3, 2019 and December 9, 2019, the defendants failed to disclose that Conn’s was experiencing an increase in first payment defaults and 60-plus day delinquencies, that as a result, Conn’s was reasonably likely to record an increase to its provision for bad debts, that the Company made certain underwriting adjustments, including tightening its standards for new customers and online applicants, that as a result, the Company’s same-store sales would be adversely impacted, and that as a result of the foregoing, defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.