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Lawsuit filed for Investors in shares of Conn's, Inc. (NASDAQ: CONN)

05-26-2020 09:16 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

A lawsuit was filed on behalf of investors in Conn's, Inc. (NASDAQ: CONN) shares over alleged securities laws violations.

A lawsuit was filed on behalf of investors in Conn's, Inc. (NASDAQ: CONN) shares over alleged securities laws violations.

An investor, who purchased shares of Conn's, Inc. (NASDAQ: CONN), filed a lawsuit over alleged violations of Federal Securities Laws by Conn's, Inc. in connection with certain allegedly false and misleading statements.

Investors who purchased shares of Conn's, Inc. (NASDAQ: CONN) have certain options and for certain investors are short and strict deadlines running. Deadline: July 14, 2020. NASDAQ: CONN investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

On September 3, 2019, Conn's, Inc. reported its second fiscal quarter 2020 financial results for the quarter ending July 31, 2019. During the conference call held that day, over one month into the third fiscal quarter, the Company touted its "confidence in our underwriting and collections performance" and stated "our stable credit segment provides us with additional opportunities to grow retail sales and differentiate our business from other retailers."

On December 10, 2019, before the market opened, Conn's, Inc. reported its third fiscal quarter 2020 financial results for the period ending October 31, 2019, including a decrease in retail revenue driven primarily by an 8.4% decrease in same store sales "reflect[ing] underwriting adjustments made during the three months ended October 31, 2019."

Shares of Conn's, Inc. (NASDAQ: CONN) declined from $26.91 per share on September 11, 2019 to as low as $3.31 per share on April 2, 2020.

The plaintiff claims that between September 3, 2019 and December 9, 2019, the defendants failed to disclose that Conn's was experiencing an increase in first payment defaults and 60-plus day delinquencies, that as a result, Conn's was reasonably likely to record an increase to its provision for bad debts, that the Company made certain underwriting adjustments, including tightening its standards for new customers and online applicants, that as a result, the Company's same-store sales would be adversely impacted, and 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.

Those who purchased shares of Conn's, Inc. (NASDAQ: CONN) have certain options and should contact the Shareholders Foundation.

Media Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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