The Law Offices of Frank R. Cruz Announces Investigation on Behalf of Credit Acceptance Corporation Investors (CACC)
April 29 2020 - 7:53PM
Business Wire
The Law Offices of Frank R. Cruz announces an investigation on
behalf of Credit Acceptance Corporation ("Credit Acceptance" or the
"Company") (NASDAQ: CACC) investors concerning the Company and its
officers’ possible violations of federal securities laws.
If you are a shareholder who suffered a loss, click here to
participate.
On March 25, 2020, Citron Research published a report; (1)
highlighting the steep upward trend in subprime auto loan
delinquencies, (2) observing "[o]ver the years Credit Acceptance
has been taking on riskier and lower return loans and hiding the
true volatility of its earnings through aggressive accounting," and
(3) questioning the accuracy of the reported book value of the
company's loans.
Then, on April 20, 2020, after the market closed, the Company
announced it would not timely file its quarterly report for the
period ended March 31, 2020.
On this news, the Company’s share price fell $40.71 per share,
or over 13%, to close at $254.00 per share on April 21, 2020.
Follow us for updates on Twitter: twitter.com/FRC_LAW.
If you purchased Credit Acceptance securities, have information
or would like to learn more about these claims, or have any
questions concerning this announcement or your rights or interests
with respect to these matters, please contact Frank R. Cruz, of The
Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100,
Los Angeles, California 90067 at 310-914-5007, by email to
info@frankcruzlaw.com, or visit our website at
www.frankcruzlaw.com. If you inquire by email please include your
mailing address, telephone number, and number of shares
purchased.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: https://www.businesswire.com/news/home/20200429005981/en/
The Law Offices of Frank R. Cruz, Los Angeles Frank R. Cruz,
310-914-5007 fcruz@frankcruzlaw.com www.frankcruzlaw.com
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