Investor Alert: Kaplan Fox Announces Investigation Of Aaron's, Inc.
March 19, 2020 at 15:29 PM EDT
NEW YORK, March 19, 2020 /PRNewswire/ -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of Aaron's, Inc. ("Aaron's" or the "Company") (NYSE: AAN). A complaint has been filed against the Company on behalf of investors that purchased Aaron's securities between March 2, 2018 and February 19, 2020.
On July 26, 2018, during after-market hours, Aaron's filed a Quarterly Report on Form 10-Q with the Securities and Exchange Commission, reporting the Company's financial and operating results for the fiscal quarter ended June 30, 2018. The Quarterly Report disclosed that, in July 2018, the Company received civil investigative demands ("CIDs") from the Federal Trade Commission (the "FTC"). The CIDs request the production of documents and answers to written questions to determine whether disclosures related to financial products offered by the Company through the Aaron's Business and Progressive Leasing ("Progressive") segments are in violation of the Federal Trade Commission Act.
Following this news, Aaron's stock price fell $5.38 per share, about 11%, to close at $43.47 per share on July 27, 2018.
On April 25, 2019, Aaron's filed its Quarterly Report on Form 10-Q with the SEC, reporting the Company's financial and operating results for the fiscal quarter ended March 31, 2019. The Quarterly Report disclosed that, in April 2019, Aaron's AB segment "received an unrelated CID from the FTC focused on certain transactions involving the purchase and sale of customer lease agreements, and whether such transactions violated the FTC Act."
Then, on February 20, 2020, Aaron's issued a press release announcing the Company's financial results for the quarter and year ended December 31, 2019. Among other results, Aaron's reported that the Company's Progressive segment had reached an agreement in principle with FTC staff regarding the CID from the FTC that Progressive received in July 2018. Aaron's advised investors that "[u]nder the proposed agreement, which requires final approval by FTC Commissioners and the U.S. District Court for the Northern District of Georgia, Progressive will make a payment of $175 million and enhance certain compliance-related activities, including monitoring, disclosure and reporting requirements."
Following this news, Aaron's stock price fell $10.70 per share, approximately 19%, to
If you are a member of the proposed Class, you may move the court no later than April 28, 2020 to serve as a lead plaintiff for the purported class. You need not seek to become a lead plaintiff in order to share in any possible recovery. If you would like to discuss the complaint or our investigation, please contact us by emailing email@example.com or by calling 800-290-1952.
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Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com. If you have any questions about this Notice, your rights, or your interests, please contact:
Donald R. Hall
Laurence D. King
SOURCE Kaplan Fox & Kilsheimer LLP