NEW YORK, March 02, 2020 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Aaron’s, Inc. (“Aaron’s” or the “Company”) (AAN) in the United States District Court for the Southern District of New York on behalf of those who purchased or acquired the securities of Aaron’s between March 2, 2018, and February 19, 2020, inclusive (the “Class Period”). The lawsuit seeks to recover damages for Aaron’s investors under the federal securities laws.
The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (i) Aaron’s had inadequate disclosure controls, procedures, and compliance measures; (ii) consequently, the operations of Aaron’s Progressive Leasing and Aaron’s Business segments were in violation of the Federal Trade Commission Act and/or relevant Federal Trade Commission (“FTC”) regulations; (iii) consequently, Aaron’s earnings from those segments were partially derived from unlawful business practices and were thus unsustainable; (iv) the full extent of Aaron’s liability regarding the FTC’s investigation into its Progressive Leasing and Aaron’s Business segments, Aaron’s noncompliance with the FTC Act, and the likely negative consequences of all the foregoing on the Company’s financial results; and (v) as a result of the foregoing, Defendants’ public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
Investors who purchased or otherwise acquired shares of Aaron’s during the Class Period should contact the Firm prior to the April 28, 2020 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at email@example.com or firstname.lastname@example.org.
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