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Case Status:    ONGOING    
On or around 11/13/2017 (Ongoing date of last review)

Filing Date: March 05, 2014

According to the law firm press release, Conn’s, based in The Woodlands, Texas, is a specialty retailer of home appliances, furniture, mattresses and consumer electronics and a provider of consumer credit. For the twelve months ended January 31, 2013, the Company financed approximately 70.9% of its retail sales, including down payments, under Conn’s in-house financing plan.

The complaint alleges that during the Class Period, defendants issued false and misleading statements or failed to disclose adverse facts regarding Conn’s business and prospects, including the extent to which Conn’s growth was attributable to utilizing underwriting and collections practices that weakened its portfolio quality and left it susceptible to substantial increases in bad debt, and that Conn’s faced increased delinquency and charge off rates in its credit segment. As a result of the defendants’ false statements, Conn’s stock traded at artificially inflated levels throughout the Class Period, reaching a high of $79.24 per share on December 26, 2013.

On February 20, 2014, the Company issued a press release announcing preliminary fourth quarter fiscal 2014 results and updating its fiscal 2015 earnings guidance. The press release revealed that the Company’s “[c]redit segment provision for bad debts as a percentage of the average outstanding portfolio balance is expected to exceed previously issued full-year fiscal 2014 guidance,” and that the “percentage of the customer portfolio balance 60-plus days delinquent was 8.8% at January 31, 2014, an increase of 30 basis points from October 31, 2013.” In the press release, the Company also revealed that it was lowering its recently issued fiscal 2015 earnings guidance. On this news, the price of Conn’s common stock fell $23.91 per share, or almost 43%, on extremely heavy trading volume.

On June 3, 2014, the Court issued an Order consolidating related cases, appointing lead plaintiff, and approving the selection of lead counsel. Lead plaintiffs filed a consolidated and amended complaint on July 21.

On October 29, 2014, a Second Amended Consolidated Complaint was filed.

On April 10, 2015, a Third Amended Consolidated Complaint was filed.

On July 21, 2015, a Fourth Amended Consolidated Complaint was filed.

On May 5, 2016, the Court issued an Order granting in part and denying in part Defendant's Motion to Dismiss.

COMPANY INFORMATION:

Sector: Services
Industry: Retail (Technology)
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: CONN
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. Texas
DOCKET #: 14-CV-00548
JUDGE: Hon. Keith P Ellison
DATE FILED: 03/05/2014
CLASS PERIOD START: 04/03/2013
CLASS PERIOD END: 02/19/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Edison, McDowell & Hetherington LLP

    ·
  2. Johnson & Weaver, LLP
    110 West “A” Street, Suite 750, Johnson & Weaver, LLP, CA 92101
    619.230.0063 619.230.0063 · contactus@johnsonandweaver.com
  3. Robbins Geller Rudman & Dowd LLP (Boca Raton)
    120 East Palmetto Park Road, Suite 500, Robbins Geller Rudman & Dowd LLP (Boca Raton), FL 33432
    561.750.3000 561.750.3364 ·
No Document Title Filing Date
COURT: S.D. Texas
DOCKET #: 14-CV-00548
JUDGE: Hon. Keith P Ellison
DATE FILED: 07/21/2015
CLASS PERIOD START: 04/03/2013
CLASS PERIOD END: 12/09/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Ajamie LLP
    711 Louisiana, Suite 2150, Ajamie LLP, TX 77002
    713.860.1600 713.860.1699 ·
  2. Labaton Sucharow LLP
    140 Broadway, Labaton Sucharow LLP, NY 10005
    212.907.0700 212.818.0477 · info@labaton.com
  3. Motley Rice LLC (Mount Pleasant)
    28 Bridgeside Boulevard, Motley Rice LLC (Mount Pleasant), SC 29464
    843.216.9000 843.216.9450 · inquiry@motleyrice.com
  4. Scott + Scott LLP (NY)
    405 Lexington Avenue, 40th Floor, The Chrysler Building, Scott + Scott LLP (NY), NY 10174
    (212) 223-6444 (212) 223-6444 ·
No Document Title Filing Date