Investigation of Conn’s, Inc.
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Conn’s Inc. (CONN) Accused of Misleading Shareholders
In September 2019, Conn’s announced its second quarter 2020 financial results, which touted total retail sales of $306.1 million, an increase of 3.3% over the prior fiscal year period. Conn’s concluded its results with auspicious expectations for third quarter 2020, which included total retail sales growth between 4% and 8%. Contrary to these positive expectations, in December 2019, Conn’s finally reported its third quarter 2020 financial results and revealed retail revenues of only $280.3 million compared to $284.1 million in the prior year period. Conn’s attributed the revenue decline to a decrease in same store sales reflecting “underwriting adjustments made during the three months ended October 31, 2019,” which it had previously failed to disclose to investors. On this news, Conn’s’ stock price fell over 33% to close at $13.65 per share.