NEW YORK, June 22, 2017 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Aaron's, Inc. ("Aaron's" or the "Company") (NYSE: AAN) securities and certain of its officers, on behalf of a class who purchased Aaron's securities between February 6, 2015 to October 29, 2015, inclusive (the "Class Period"). Such investors are encouraged to join this case by visiting the firm's site: www.bgandg.com/aan.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1933.
The complaint alleges that throughout the Class Period, Defendants made false and misleading statements regarding its subsidiary, Progressive Finance Holdings, LLC ("Progressive"). The Complaint also alleges that Aaron's concealed from investors that it was experiencing software issues that impacted the Company's underwriting algorithm and that Progressive had lost critical data in February 2015, which negatively impacted its ability to make loans and collect payments.
On October 30, 2015, Aaron's revealed that nine months earlier, in February 2015, Progressive Finance Holdings, LLC, its most lucrative subsidiary, had lost two important data feeds used to determine customers' leasing qualifications and that this loss of data caused Aaron's to experience "higher bad debt expense and merchandise write offs" and delayed its "ability to identify and begin collections on certain delinquent accounts." Following these revelations, Aaron's stock dropped $8.88 per share, or 26.47%, to close at $24.67 on October 30, 2015.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm's site: www.bgandg.com/aan or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss of over $200k in Aaron's you have until August 18, 2017 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | firstname.lastname@example.org
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SOURCE Bronstein, Gewirtz & Grossman, LLC