Pra Group Inc (NASDAQ:PRAA) Investor Investigation Concerning Potential Securities Laws Violations Announced

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Company Name(s): 
Pra Group
Affected Securities: 

March 24, 2017 (Shareholders Foundation) - An investigation on behalf of investors of Pra Group Inc (NASDAQ:PRAA) shares over potential securities laws violations by Pra Group Inc and certain of its directors and officers in connection certain financial statements was announced.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Pra Group Inc (NASDAQ:PRAA) concerning whether a series of statements by Pra Group Inc regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

Shares of Pra Group Inc (NASDAQ:PRAA) grew from $22.63 per share in February 2016 to as high as $42.15 per share on February 17, 2017.

Then on February 28, 2017, Pra Group Inc reported its fourth quarter and full year 2016 financial results. Pra Group Inc reported that its annual Total Revenue declined from $942.02 million in 2015 to $830.5 8million in 2016 and that its Net Income decreased from $167.93 million in 2015 to $85.10 million in 2016. Pra Group Inc announced a net loss of $0.38 per share, compared to an analyst consensus estimate of earnings of 68 cents per share for the year, and operating earnings per share of $1.03 per share for 2015. Pra Group Inc also announced the resignation of its CEO, Steve Fredrickson.

Shares of Pra Group Inc (NASDAQ:PRAA) declined from $42.12 per share on February 27, 2017 to as low as $32.90 per share on March 22, 2017.