On or around 09/26/2018 (Other)
Filing Date: June 16, 2017
According to the law firm press release, the Complaint alleges that during the Class Period, Aaron's misled investors with regard to its subsidiary, Progressive Finance Holdings, LLC ("Progressive"). The Complaint also alleges that the Company concealed from investors that the Company was experiencing software issues that impacted Progressive's underwriting algorithm. In truth, Progressive had lost critical data in February 2015, which impacted the Company's ability to make loans and collect payments.
On September 18, 2017, the Court issued an order appointing Lead Plaintiff and Counsel and re-captioning the action as "In re Aaron’s, Inc. Securities Litigation." A consolidated Complaint was filed on October 27. Defendants filed a Motion to Dismiss the consolidated Complaint on December 15. On September 26, 2018, the Court issued an Order granting Defendants' Motion to Dismiss the consolidated Complaint.
Company & Securities Information
Defendant: Aaron's Inc.
Industry: Rental & Leasing
Headquarters: United States
Ticker Symbol: AAN
Company Market: New York SE
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
Employees' Retirement System of the City of Baton Rouge and Parish of East Baton Rouge, et al. v. Aaron's Inc., et al.