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SAN FRANCISCO, Jan. 23, 2017 -- Hagens Berman Sobol Shapiro LLP alerts investors in Rent-A-Center (NASDAQ:RCII) to the securities class action lawsuit filed in the U.S. District Court for the Eastern District of Texas and the February 21, 2017 Lead Plaintiff deadline.
If you purchased or otherwise acquired securities of Rent-A-Center between July 27, 2015 and October 10, 2016 and suffered over $50,000 in losses contact Hagens Berman Sobol Shapiro LLP. For more information visit:
https://www.hbsslaw.com/cases/RCII
or contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing [email protected].
On July 28, 2016, RCII announced it had alleviated previous point-of-sale (“POS”) system issues after implementation of the Company’s new POS system negatively affected sales.
On October 11, 2016, RCII shares tumbled over 28% on heavy trading after the Company disclosed its third quarter 2016 U.S. store sales would be down approximately 12%. Defendants again pointed to the POS system as the culprit – “[f]ollowing the implementation of our new point-of-sale system [“POS”], we experienced system performance issues and outages” that negatively impacted Core sales.
Effective December 2, 2016, RCII’s CFO, Guy J. Constant, resigned. On January 9, 2017, RCII’s CEO, Robert D. Davis, also resigned.
“Whenever a company’s management says significant business issues are fixed, reasonable investors are entitled to take those statements at face value without having to independently vet them,” said Hagens Berman partner Reed Kathrein. “We’re investigating when RCII knew its POS system was still an issue.”
Whistleblowers: Persons with non-public information regarding Rent-A-Center should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email [email protected].
Hagens Berman is a national investor-rights law firm headquartered in Seattle, Washington with offices in 10 cities. The Firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the Firm and its successes can be found at www.hbsslaw.com. Read the Firm’s Securities Newsletter, and visit the blog. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Contact: Reed Kathrein, 510-725-3000
