Shareholder rights law firm Robbins LLP reminds investors that a purchaser of Conn's Inc. (NASDAQ: CONN) filed a class action complaint against the Company for alleged violations of the Securities Exchange Act of 1934 between September 3, 2019 and December 9, 2019. Conn's operates as a specialty retailer of durable consumer goods and related services.
If you suffered a loss as a result of Conn's' misconduct, click here.
Conn's Inc. (CONN) Accused of Misleading Shareholders
According to the complaint, in September 2019, Conn's announced its second quarter 2020 financial results, which touted total retail sales of $306.1 million, an increase of 3.3% over the prior fiscal year period. Conn's concluded its results with auspicious expectations for third quarter 2020, which included total retail sales growth between 4% and 8%. Contrary to these positive expectations, in December 2019, Conn's finally reported its third quarter 2020 financial results and revealed retail revenues of only $280.3 million compared to $284.1 million in the prior year period. Conn's attributed the revenue decline to a decrease in same store sales reflecting "underwriting adjustments made during the three months ended October 31, 2019," which it had previously failed to disclose to investors. On this news, Conn's' stock price fell over 33% to close at $13.65 per share.
If you purchased Conn's Inc. (CONN) securities between September 3, 2019 and December 9, 2020, you have until July 14, 2020, to ask the court to be appointed lead plaintiff for the class.
Want to be notified if a class action against Conn's settles? Want to receive free alerts about companies engaged in wrongdoing? Sign up for Stock Watch today.
Attorney Advertising. Past results do not guarantee a similar outcome.