NEW YORK, April 5, 2017 /PRNewswire/ -- Wolf Popper LLP is investigating potential securities fraud claims on behalf of investors in Aaron's, Inc. (NYSE: AAN) during the period April 24, 2015 through October 29, 2015. Aaron's investors should contact Fei-Lu Qian at 877.370.7703 or firstname.lastname@example.org.
Aaron's rents and sells office and residential furniture, consumer electronics, and household appliances. One of the company's divisions, Progressive Finance Holdings, LLC, offers customers of traditional retailers, the opportunity to lease and subsequently purchase consumer goods.
On October 30, 2015, Aaron's reported financial results for the third quarter ended September 30, 2015 that missed analysts' estimates. Significantly, the company's CEO revealed that Aaron's had "experienced higher bad debt expense and merchandise write-offs due to a temporary interruption of certain data attributes we use to approve leases, as well as software issues that delayed our ability to identify and begin collections on certain delinquent accounts." Progressive's CEO revealed that Aaron's had discovered the data interruption back in February 2015, but was not resolved until April of 2015.
As a result, Aaron's stock declined $8.88 per share or 26%, to close at $24.67 per share on October 30, 2015.
Wolf Popper has successfully recovered billions of dollars for defrauded investors. The firm's reputation and expertise have been repeatedly recognized by the courts, which have appointed the firm to major positions in securities litigation. See www.wolfpopper.com.
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SOURCE Wolf Popper LLP