Pomerantz Appointed Lead Counsel in Conn's Securities Litigation

On October 27, 2020, U.S. District Judge Lynn N. Hughes of the Southern District of Texas appointed Pomerantz LLP as Lead Counsel on behalf of Lead Plaintiff Ronny Alexander in Uddin v. Conn's Inc., 20-cv-1705 (S.D. Tex.), a securities litigation being pursued on behalf of a class of defrauded investors regarding allegations that made false and misleading statements and failed to disclose material facts in financial statements and press releases during the putative class period.

 Conn’s, Inc. (“Conn’s” or the “Company”) is an American furniture, mattress, electronics and appliance store with an in-house consumer credit program.

The complaint alleges that, between September 3, 2019 and December 9, 2019, the defendants failed to disclose to investors that: (i) Conn's was experiencing an increase in first payment defaults and 60-plus day delinquencies; (ii) as a result, Conn's was reasonably likely to record an increase to its provision for bad debts; (iii) the Company made certain underwriting adjustments, including tightening its standards for new customers and online applicants; and (iv) as a result, the Company's same-store sales would be adversely impacted.

Pomerantz’s Conn’s litigation is led by Managing Partner Jeremy Lieberman.