Court approves $3.6 million RAC settlement on February 6, 2008
February 6, 2008
Class Period: 04/25/01-10/08/01
Case Caption: In re Rent-A-Center Securities Litigation, Case No. 5:02-cv-3, United States District Court for the Eastern District of Texas (Texarkana)
In In re Rent-A-Center Securities Litigation, NPR serves as Co-Lead Counsel. In our complaint, we alleged that Rent-A-Center and certain of its officers and directors issued a series of material misrepresentations to the market during the Class Period designed to hide rising expenses and weakening demand, all the while issuing millions of new shares at artificially inflated prices. After defeating Defendants' motions to dismiss and motions for interlocutory appeal and filing a motion for class certification, we secured a $3.6 million settlement for the class. The Court granted final approval to the settlement on February 6, 2008 after the class uniformly approved the settlement with no objections, opt-outs or requests for exclusion.