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Investigation announced for Investors in shares of PROG Holdings, Inc. (NYSE: PRG) over possible Violations of Securities Laws

09-21-2022 07:19 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

An investigation for investors in PROG Holdings, Inc. (NYSE: PRG) shares over potential securities laws violations by PROG Holding

An investigation for investors in PROG Holdings, Inc. (NYSE: PRG) shares over potential securities laws violations by PROG Holding

An investigation was announced for investors of PROG Holdings, Inc. (NYSE: PRG) shares over potential securities laws violations by PROG Holdings, Inc.

Investors who purchased shares of PROG Holdings, Inc. (NYSE: PRG), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of PROG Holdings, Inc. (NYSE: PRG) concerning whether a series of statements by PROG Holdings, Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

Utah based PROG Holdings, Inc. operates as an omnichannel provider of lease-purchase solutions to underserved and credit-challenged customers. PROG Holdings, Inc. reported that its annual Total Revenue rose from over $2.48 billion in 2020 to over $2.67 billion in 2021, and that Net Loss of $61.46 million in 2020 turned into a Net Income of $243.55 million in 2021.

On August 25, 2022, Pennsylvania's Attorney General filed a lawsuit against PROG Holdings' Progressive Leasing unit for allegedly violating the Rental Purchase Agreement Act ("RPAA"), a law that requires companies to clearly disclose fees for rent-to-own financing. According to the lawsuit, agents of the Attorney General's Office visited multiple stores across the state that use Progressive Leasing to offer rental-purchase agreement to their customers. "The investigation revealed widespread non-compliance" with the RPAA's disclosure requirements by Progressive Leasing and its merchant partners, the Attorney General's Office said in a statement.

Shares of PROG Holdings, Inc. (NYSE: PRG) declined from $22.90 per share on August 8, 2022, to $17.98 per share on September 1, 2022.

Those who purchased shares of PROG Holdings, Inc. (NYSE: PRG) have certain options and should contact the Shareholders Foundation.

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 lawsuits, 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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