or contact Reed Kathrein, who is leading the firm's investigation, by calling 510-725-3000 or emailing RCII@hbsslaw.com.
On July 28, 2016, RCII announced it had alleviated previous point-of-sale ("POS") system issues after implementation of the Company's new POS system negatively affected sales.
On October 11, 2016, RCII shares tumbled over 28% on heavy trading after the Company disclosed its third quarter 2016 U.S. store sales would be down approximately 12%. Defendants again pointed to the POS system as the culprit – "[f]ollowing the implementation of our new point-of-sale system ["POS"], we experienced system performance issues and outages" that negatively impacted Core sales.
Effective December 2, 2016, RCII's CFO, Guy J. Constant, resigned. On January 9, 2017, RCII's CEO, Robert D. Davis, also resigned.
"Whenever a company's management says significant business issues are fixed, reasonable investors are entitled to take those statements at face value without having to independently vet them," said Hagens Berman partner Reed Kathrein. "We're investigating when RCII knew its POS system was still an issue."
Whistleblowers: Persons with non-public information regarding Rent-A-Center should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email RCII@hbsslaw.com.
About Hagens Berman
Hagens Berman is a national investor-rights law firm headquartered in Seattle, Washington with offices in 10 cities. The Firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the Firm and its successes can be found at www.hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Reed Kathrein, 510-725-3000
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SOURCE Hagens Berman Sobol Shapiro LLP