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RentWay

Situation Facing Company
RentWay is the 3rd largest player in the Rent-to-Own industry with 2005 revenue of $516M. The company founded in 1981, currently operates 784 stores across 34 states. A few years ago, RentWay was investigated for fabricating entries in its financial statements that increased the company's earnings for its 2000 fiscal year by about $30 million. This financial reporting fraud was a misrepresentation of the company’s financial condition and led to lawsuit filings from shareholders.
“Rent-Way and certain of its current and former officers have been served with a consolidated class action complaint filed in the US District Court for the Western District of Pennsylvania. The complaint alleges that, among other things, as a result of accounting improprieties, the Company's previously issued financial statements were materially false and misleading thus constituting violations of federal securities laws by the Company, by its auditors and by......

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Approximate Word Count: 1697
Approximate Pages: 7 (250 words per double-spaced page)

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