PROG Holdings, Inc. Investigation
The law firm of Kirby McInerney LLP is investigating potential claims against PROG Holdings, Inc. (“PROG” or the “Company”) (NYSE: 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.