NEW YORK, NY / ACCESSWIRE / November 4, 2020 / Pomerantz LLP is investigating claims on behalf of investors of Credit Acceptance Corporation ("Credit Acceptance" or the "Company") (NASDAQ:CACC). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Credit and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On August 13, 2020, Credit Acceptance 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.
On this news, Credit Acceptance's stock price fell $19.05 per share, or 3.84%, over the following two trading sessions, closing at $476.78 per share on August 17, 2020.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
SOURCE: Pomerantz LLP