|Company name||Credit Acceptance Corporation|
NEW YORK, May 1, 2020 –Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Credit Acceptance Corporation (NASDAQ: CACC) on behalf of Credit Acceptance stockholders. Our investigation concerns whether Credit Acceptance has violated the federal securities laws and/or engaged in other unlawful business practices.
On March 25, 2020, Citron Research published a report highlighting the steep upward trend in subprime auto loan delinquencies, observing that “[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 questioning the accuracy of the reported book value of Credit Acceptance’s loans.
Then, on April 20, 2020, Credit Acceptance announced that it would not timely file its quarterly report for the period ended March 31, 2020.
On this news, Credit Acceptance’s stock price fell $40.71 per share, or 13.81%, to close at $254.00 per share on April 21, 2020.
If you purchased or otherwise acquired Credit Acceptance shares, have information, 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 Melissa Fortunato or Marion Passmore or by email at firstname.lastname@example.org, telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.