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Case Status:    ONGOING    
On or around 08/08/2018 (Ongoing date of last review)

Filing Date: August 02, 2018

According to the Complaint, Rent-A-Center is an American public furniture and electronics “rent-to-own” company based in Plano, Texas, offering name-brand products through flexible rental purchase agreements that allow customers to obtain ownership of the merchandise at the conclusion of an agreed upon rental period. The Company owns and operates approximately 2,400 stores in the United States, Mexico, Canada and Puerto Rico, and approximately 1,250 Acceptance Now kiosk locations in the United States and Puerto Rico. Rent-A-Center Franchising International, Inc., a wholly owned subsidiary of the Company, is a national franchiser of approximately 250 rent-to-own stores operating under the trade names of “Rent-A-Center,” “ColorTyme,” and “RimTyme.”

On June 18, 2018, the Company announced the Proposed Transaction, the acquisition of Rent-A-Center by Vintage Rodeo Parent, LLC (“Parent”), an affiliate of Vintage Capital Management, LLC (“Vintage Capital”). Under the terms of the Merger Agreement, Rent-A-Center stockholders will receive $15.00 in cash for each share of Rent-A-Center common stock, which represents a premium of approximately 49 percent over the Company’s closing stock price on October 30, 2017, immediately prior to the announcement that the Company's Board of Directors initiated a process to evaluate strategic and financial alternatives focused on maximizing stockholder value.

On July 16, 2018, Rent-A-Center filed a Proxy with the SEC in connection with the Proposed Transaction. The Proxy was furnished to the Company’s stockholders and solicits their votes in favor of the Proposed Transaction. The Complaint alleges that the Proxy misrepresents and/or omits material information that is necessary for the Company’s stockholders to make an informed decision concerning whether to vote in favor of the Proposed Transaction, in violation of Sections 14(a) and 20(a) of the Exchange Act.

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.
COURT: D. Delaware
DOCKET #: 18-CV-01152
JUDGE:
DATE FILED: 08/02/2018
CLASS PERIOD START: 06/18/2018
CLASS PERIOD END: 08/02/2018
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Rigrodsky & Long, P.A.
    919 N. Market Street, Suite 980, Rigrodsky & Long, P.A., DE 19803
    302.295.5310 302.295.5310 · info@rigrodskylong.com
  2. Wolf Haldenstein Adler Freeman & Herz LLP (New York)
    270 Madison Avenue, Wolf Haldenstein Adler Freeman & Herz LLP (New York), NY 10016
    212.545.4600 212.686.0114 · newyork@whafh.com
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