An investigation for investors in Credit Acceptance Corporation (NASDAQ:CACC) shares over potential securities laws violations by Credit Acceptance was announced.
San Diego, CA -- (SBWIRE) -- 09/14/2020 -- Credit Acceptance Corporation is under investigation over potential securities laws violations in connection with certain financial statements.
Investors who purchased shares of Credit Acceptance Corporation (NASDAQ: CACC), have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The investigation by a law firm focuses on whether a series of statements by Credit Acceptance regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Southfield, MI based Credit Acceptance Corporation provides financing programs, and related products and services to independent and franchised automobile dealers in the United States. On August 13, 2020, Credit Acceptance Corporation (NASDAQ: CACC) disclosed that on August 11, 2020, the Company had received subpoenas from the Attorney General of the State of Maryland and from the Attorney General of the State of New Jersey. Describing the subpoenas as "substantively identical" to one another, Credit Acceptance advised investors that the subpoenas both "relat[ed] to the Company's repossession and sale policies and procedures" and "the Company's origination and collection policies and procedures." Taken together with previously disclosed subpoenas received in March 2016 and April 2020, Credit Acceptance advised investors that the inquiries it faced now related to its operations in 39 states. Shares of Credit Acceptance Corporation (NASDAQ: CACC) declined from $539 per share on August 11, 2020, to as low as $456.33 per share on August 27, 2020.
Those who purchased shares of Credit Acceptance Corporation (NASDAQ: CACC) have certain options and should contact the Shareholders Foundation.
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