NEW YORK, Sept. 12, 2022 (GLOBE NEWSWIRE) — The law firm of Kirby McInerney LLP is investigating potential claims against PROG Holdings, Inc. (“PROG” or the “Company”) PRG. The investigation concerns whether PROG and/or certain of its officers have violated federal securities laws and/or engaged in other illegal business practices.
PROG is a holding company that provides leasing and commercial equipment financing services through its subsidiaries.
On August 25, 2022, the Pennsylvania Attorney General filed a lawsuit against PROG’s Progressive Leasing unit for alleged violations of the Rent-to-Purchase Agreement (“RPAA”), a law that requires companies to clearly disclose fees for hire-to-own financing. According to the lawsuit, agents from the attorney general’s office visited several stores across the state that use progressive leasing to offer hire-purchase agreements to their customers. “The investigation revealed widespread non-compliance” with the RPAA’s disclosure requirements by Progressive Leasing and its trading partners, the attorney general’s office said in a statement. As a result of this news, the price of PROG shares fell $2.51 per share, or approximately 12.14%, from $20.67 per share to a closing price of $18.16 on August 26, 2022.
If you have purchased or otherwise acquired PROG securities, have information, or would like to learn more about this investigation, please contact Thomas W Elrod from Kirby McInerney LLP by email at investigations@kmllp.comor by filling this out Contact formto discuss your rights or interests in relation to these matters at no cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm focused on securities, antitrust, whistleblower and consumer litigation. The firm’s efforts on behalf of shareholders in securities disputes have resulted in recoveries totaling billions of dollars. For more information about the company, visit Kirby McInerney LLP’s website: http://www.kmllp.com.
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