NEW YORK, Sept. 26, 2022 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against PROG Holdings, Inc. (NYSE: PRG), UiPath, Inc. (NYSE: PATH), and Schmitt Industries, Inc. (NASDAQ: SMIT). Our investigations concern whether these companies have violated the federal securities laws and/or engaged in other unlawful business practices. Additional information about each case can be found at the link provided.
PROG Holdings, Inc. (NYSE: PRG)
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, 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. (NYSE: PATH)
On September 6, 2022, UiPath reported second quarter earnings including a reduction in its forecast for the year. The Company blamed the disappointing news on foreign currency concerns and macroeconomic uncertainty.
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 go to: https://bespc.com/cases/PATH
Schmitt Industries, Inc. (NASDAQ: SMIT)
On September 20, 2022, after the market closed, Schmitt announced that its previous financial statements “should no longer be relied upon” and would require restating, estimating that “the errors were cumulatively material, resulting in an understatement of $330,203 in expenses for the first three quarters of the fiscal year.”
On this news, Schmitt stock fell $0.68, or 17.9%, to close at $3.12 per share on September 21, 2022, hurting investors.
For more information on the Schmitt investigation go to: https://bespc.com/cases/SMIT
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
