Ace Hardware Vision 21 Lawsuit
Ace Hardware franchisees have commenced a nationwide class action against the company for providing false and misleading information to them surrounding their purchases of Vision 21 concept stores.
The complaint alleges that Ace Hardware Corporation falsely induced franchisees to invest in the company's new Vision 21 concept. This concept consisted of a larger store footprint designed to compete with big box hardware or home improvement stores. Franchisees allege that Ace provided potential Vision 21 franchisees with false and misleading financial information relating to the success of new or converted stores.
The franchisees specifically allege that Ace provided interested investors with financial information of average sales and costs from Ace Vision 21 stores - except that the averages did not include numbers from failing or failed stores. Further, Ace promised that it had tested and proven the Vision 21 concept and could project positive cash flow within the first year of operation with over 90% accuracy. Franchisees allege that Ace manipulated data to ensure it supported these representations.
|If you or someone you know invested in a Vision 21 franchise, fill out a free case review form or contact attorney us directly, toll-free, at 1.800.887.8029. Zimmerman Reed is experienced in handling class action cases and we welcome any questions you may have. |
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