San Diego, CA -- (SBWIRE) -- 10/20/2020 -- An investor, who purchased shares of Credit Acceptance Corporation (NASDAQ: CACC), filed a lawsuit over alleged violations of Federal Securities Laws by Credit Acceptance Corporation in connection with certain allegedly false and misleading statements.

Investors who purchased shares of Credit Acceptance Corporation (NASDAQ: CACC) have certain options and for certain investors are short and strict deadlines running. Deadline: December 1, 2020. NASDAQ: CACC investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

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.

The plaintiff claims that between November 1, 2019 and August 28, 2020, the Defendants failed to disclose to investors that the Company was topping off the pools of loans that they packaged and securitized with higher-risk loans, that Credit Acceptance was making high-interest subprime auto loans to borrowers that the Company knew borrowers would be unable to repay, that the borrowers were subject to hidden finance charges, resulting in loans exceeding the usury rate ceiling mandated by state law, that Credit Acceptance took excessive and illegal measures to collect debt from defaulted borrowers, that, as a result, the Company was likely to face regulatory scrutiny and possible penalties from various regulators or lawsuits, and that, as a result of the foregoing, Defendant's positive statements about the Company's business, operations, and adherence to appropriate laws and regulations were materially misleading and/or lacked a reasonable basis.

Those who purchased shares of Credit Acceptance Corporation (NASDAQ: CACC) have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.