|Company Name||Credit Acceptance Corporation|
|Class Period||November 1, 2019 to August 28, 2020|
|Motion Deadline||December 1, 2020|
The Thornton Law Firm announces that a class action lawsuit has been filed on behalf of investors of Credit Acceptance Corporation (NASDAQ: CACC). Investors who purchased CACC common stock or other securities between November 1, 2019 and August 28, 2020 may contact the Thornton Law Firm to obtain a copy of the complaint or to discuss the lead plaintiff process. Interested investors are encouraged to submit their information above. Investors may email firstname.lastname@example.org or call 617-531-3917. Interested Credit Acceptance investors have until December 1, 2020 to apply to be a lead plaintiff.
The case alleges that Credit Acceptance employed a fraudulent scheme whereby it knowingly provided consumer auto loans that it knew could not be repaid and consistently harmed consumers for its own financial benefit. It is alleged that the truth about the Company’s predatory and illegal business practices was revealed on August 28, 2020 when the Massachusetts Attorney General filed the Mass AG Complaint alleging that Credit Acceptance has, for years, been making unfair and deceptive automobile loans to thousands of Massachusetts consumers. In response to the public disclosure of the Mass AG Complaint, Credit Acceptance’s stock price fell $85.36 per share, or over 18 percent.
The Complaint alleges violations of the federal securities laws on behalf of investors who purchased Credit Acceptance common stock during the Class Period. The Private Securities Litigation Reform Act of 1995 allows any investor who purchased the securities at issue in the case during the Class Period to seek appointment as a lead plaintiff in the lawsuit. A lead plaintiff acts on behalf of all other investor class members in managing the class action and can select a law firm of their choice to litigate the lawsuit. Serving as a lead plaintiff does not impact an investor’s share in any potential recovery. Investors do not need to be a lead plaintiff to be a member of the class. If investors choose to take no action, they can remain an absent class member. Interested Credit Acceptance investors have until December 1, 2020 to apply to be a lead plaintiff. The class has not yet been certified. Until certification occurs, investors are not represented by an attorney.
Thornton Law Firm's securities attorneys are highly experienced in representing investors in recovering damages caused by violations of the securities laws. Its attorneys have established track records litigating securities cases in courts throughout the country and recovering losses on behalf of investors. This may be considered Attorney Advertising in some jurisdictions. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
A class action lawsuit has been filed on behalf of investors in Credit Acceptance Corporation (CACC) securities.
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