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Rent-A-Center, Inc.

Case Summary

Rent-A-Center, Inc. Securities Litigation

Case Summary

Case Status:    SETTLED
On or around 12/04/2018 (Date of stipulation and/or agreement of settlement)

Filing Date: December 23, 2016

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.

Company & Securities Information

Defendant: Rent-A-Center, Inc.

COMPANY INFORMATION:

Sector: Services
Industry: Rental & Leasing
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: RCII
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.

First Identified Complaint

Alan Hall, et al. v. Rent-A-Center, Inc., et al.

COURT: E.D. Texas
DOCKET #: 16-CV-00978
JUDGE: Hon. Amos L. Mazzant, III
DATE FILED: 12/23/2016
CLASS PERIOD START: 07/27/2015
CLASS PERIOD END: 10/10/2016
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Glancy Prongay & Murray LLP
    1925 Century Park East, Suite 2100 , Glancy Prongay & Murray LLP, CA 90067
    (310) 201-9150 (310) 432-1495 ·
  2. Kendall Law Group, LLP
    3232 McKinney, Ste 700, Kendall Law Group, LLP, TX 75204
    214.744.3000 214.744.3000 ·
First Identified Complaint (FIC) Filings:
No Document Title Filing Date
1 Class Action Complaint for Violations of the Federal Securities Laws 12/23/2016
2 Order and Opinion 03/16/2017

Reference Complaint

Alan Hall, et al. v. Rent-A-Center, Inc., et al.

COURT: E.D. Texas
DOCKET #: 16-CV-00978
JUDGE: Hon. Amos L. Mazzant, III
DATE FILED: 05/05/2017
CLASS PERIOD START: 02/02/2015
CLASS PERIOD END: 10/11/2016
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Hicks Davis Wynn, PC
    3700 Buffalo Speedway, Ste. 1111, Hicks Davis Wynn, PC, TX 77098
    713-589-2240 ·
  2. Labaton Sucharow LLP
    140 Broadway, Labaton Sucharow LLP, NY 10005
    212.907.0700 212.818.0477 · info@labaton.com
Reference Complaint (REF) Filings:
No Document Title Filing Date
1 Consolidated Amended Class Action Complaint for Violations of Federal Securities Laws 05/05/2017
2 Memorandum Adopting Amended Report and Recommendation of the United States Magistrate Judge 12/14/2017
3 U.S. District Court Civil Docket 12/04/2018
4 Stipulation and Agreement of Settlement 12/04/2018

Related District Court Filings

—Related District Court Filings Data is not available
 
 

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