Investors with losses of $100,000 or more are encouraged to contact the firm

LOS ANGELES, May 15, 2020 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises investors that a class action lawsuit has been filed on behalf of Conn’s, Inc. (“Conn’s” or the “Company”) investors that acquired Conn’s securities (NASDAQ: CONN) between September 3, 2019 and December 9, 2019. 

Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email, to discuss their legal rights, or click here to join the case via the www.portnoylaw.com

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.

Please visit our website to review more information and submit your transaction information. If you suffered a loss you have until July 14, 2020 to request that the Court appoint you as lead plaintiff.

The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.

Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com

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