The law firm of Kirby McInerney LLP is investigating potential claims against PROG Holdings, Inc. (“PROG” or the “Company”) (NASDAQ: PRG). The investigation concerns whether PROG and/or certain of its officers have violated the federal securities laws and/or engaged in other unlawful business practices.
PROG is a holding company that provides leasing and commercial equipment finance services through its subsidiaries.
On August 25, 2022, Pennsylvania’s Attorney General filed a lawsuit against PROG’s 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. On this news, the price of PROG shares declined by $2.51 per share, or approximately 12.14%, from $20.67 per share to close at $18.16 on August 26, 2022.
If you purchased or otherwise acquired PROG securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at email@example.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: http://www.kmllp.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.