|Company Name||Aaron’s, Inc.|
On February 20, 2020, Aaron’s disclosed that its Progressive segment had reached an agreement in principle with the U.S. Federal Trade Commission (“FTC”) regarding the July 2018 civil investigative demand, which had sought to determine whether disclosures related to the Company’s financial products were in violation of the FTC Act. The proposed agreement required Aaron’s to “make a payment of $175 million and enhance certain compliance-related activities, including monitoring, disclosure and reporting requirements.”
On this news, the Company’s share price fell $10.70 per share, or over 19%, to close at $45.45 per share on February 20, 2020, thereby injuring investors.
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