Bragar Eagel & Squire, PC examines PROG, UiPath and Schmitt
NEW YORK, Sept. 26, 2022 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, PC, a nationally recognized shareholder rights law firm, is investigating potential claims against PROG Holdings, Inc. PRGUiPath, Inc. AWAYand Schmitt Industries, Inc. SMIT. Our investigations address whether these companies have violated federal securities laws and/or engaged in other illegal business practices. For more information on each case, see the link provided.
PROG Holdings, Inc. PRG
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, PROG’s stock price fell $2.51 per share, or 12.14%, to close at $18.16 per share on August 26, 2022.
For more information on the PROG investigation, go to: https://bespc.com/cases/PRG
UiPath, Inc. AWAY
On September 6, 2022, UiPath reported second quarter results, including a reduction in its guidance for the year. The company attributed the disappointing news to currency concerns and macroeconomic uncertainties.
Based on this news, UiPath’s stock price fell $2.27 per share, or 14%, to close at $13.84 per share on September 7, 2022.
For more information on the UiPath investigation, see: https://bespc.com/cases/PATH
Schmitt Industries, Inc. SMIT
On September 20, 2022, after the market close, Schmitt announced that its prior financial statements “should no longer be relied upon” and would require a restatement, estimating that “the errors…
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