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Press Release

Jul 10, 2020 18:05 UTC

The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Conn’s, Inc. (CONN)

LOS ANGELES--(Business Wire)--The Law Offices of Frank R. Cruz reminds investors of the upcoming July 14, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired Conn’s, Inc. (“Conn’s” or the “Company”) (NASDAQ: CONN) securities between September 3, 2019 and December 9, 2019, inclusive (the “Class Period”).

If you are a shareholder who suffered a loss, click here to participate.

On December 10, 2019, before the market opened, Conn’s reported its third quarter 2020 financial results in a press release. Therein, the Company reported retail revenues of $280.3 million, compared to $284.1 million in the prior year period. Conn’s attributed the revenue decline to a decrease in same store sales, which “reflects underwriting adjustments made during the three months ended October 31, 2019.”

On this news, the Company’s share price fell $6.85 per share, or over 33%, to close at $13.65 per share on December 10, 2019, on unusually heavy trading volume.

The complaint filed in this class action 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 to investors: (1) that Conn’s was experiencing an increase in first payment defaults and 60-plus day delinquencies; (2) that, as a result, Conn’s was reasonably likely to record an increase to its provision for bad debts; (3) that the Company made certain underwriting adjustments, including tightening its standards for new customers and online applicants; (4) that, as a result, the Company’s same-store sales would be adversely impacted; and (5) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

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If you purchased or otherwise acquired Conn’s securities during the Class Period, you may move the Court no later than July 14, 2020 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007
fcruz@frankcruzlaw.com
www.frankcruzlaw.com

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