CACC ALERT: The Klein Law Firm Announces a Lead Plaintiff Deadline of December 1, 2020 in the Class Action Filed on Behalf of Credit Acceptance Corporation Limited Shareholders
New York, New York--(Newsfile Corp. - October 23, 2020) - The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Credit Acceptance Corporation (NASDAQ: CACC) alleging that the Company violated federal securities laws.
Class Period: November 1, 2019 and August 28, 2020
Lead Plaintiff Deadline: December 1, 2020
Learn more about your recoverable losses in CACC:
The filed complaint alleges that Credit Acceptance Corporation made materially false and/or misleading statements and/or failed to disclose that: (i) the Company was topping off the pools of loans that they packaged and securitized with higher-risk loans; (ii) Credit Acceptance was making high-interest subprime auto loans to borrowers that the Company knew borrowers would be unable to repay; (iii) the borrowers were subject to hidden finance charges, resulting in loans exceeding the usury rate ceiling mandated by state law; (iv) Credit Acceptance took excessive and illegal measures to collect debt from defaulted borrowers; (v) as a result, the Company was likely to face regulatory scrutiny and possible penalties from various regulators or lawsuits; and (vi) that, as a result of the foregoing, Defendants positive statements about the Company's business, operations, and adherence to appropriate laws and regulations were materially misleading and/or lacked a reasonable basis.
Shareholders have until December 1, 2020 to petition the court for lead plaintiff status. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
For additional information about the CACC lawsuit, please contact J. Klein, Esq. by telephone at 212-616-4899 or click the link above.
J. Klein, Esq. represents investors and participates in securities litigations involving financial fraud throughout the nation. Attorney advertising. Prior results do not guarantee similar outcomes.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/66730