According to the law firm press release, the complaint filed in this lawsuit alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose: (1) that Rent-A-Center could not properly implement its new point of sale system (“POS”); (2) that, the POS was performing extremely poorly, including several instances where the system suffered complete outages; (3) that as a result, the Company’s Acceptance Now credit system could not be implemented properly; (4) that the Company could not meet revenue and profitability guidance provided to investors; (5) that, as such, the Company would need to revise its prior guidance; and (6) that, as a result of the foregoing, Defendants’ statements about Rent-A-Center’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.

The Court appointed Lead Plaintiff and Counsel on March 16, 2017. A consolidated Complaint was filed on May 5. Defendants filed a Motion to Dismiss the consolidated Complaint on June 5. On December 14, the Court issued an Order denying Defendants' Motion to Dismiss.

On December 4, 2018, the parties entered into a Stipulation and Agreement of Settlement. On December 13, the Court granted preliminary approval of the Settlement.