ATLANTA, Jan. 17, 2003 (PRIMEZONE) -- Chitwood & Harley LLP announces that a class action lawsuit is pending in the United States District Court for the Northern District of Texas, on behalf of purchasers of the common stock of AmeriCredit (NYSE:ACF), between April 14, 1999 and September 16, 2002, inclusive ("Class Period"). The civil action number is 4-03CV-026-Y.
Chitwood & Harley LLP is currently investigating these claims, including the expected amendment of the Class Period through January 15, 2003, which was announced earlier today. If you wish to discuss this action or have any questions concerning this notice or your rights with respect to this matter, you may contact Jennifer Morris at 1-888-873-3999 (toll-free) or by e-mail at jlm@classlaw.com. You may also choose to do nothing and you may retain counsel of your own choice. If you wish to serve as lead plaintiff in this action, you must file a motion to do so no later than 60 days after January 15, 2003.
The complaint charges AmeriCredit and certain of its officers and directors with violations of federal securities laws. Among other things, plaintiff claims that defendants' material omissions and the dissemination of materially false and misleading statements regarding the nature of AmeriCredit's revenues and earnings caused AmeriCredit's stock price to become artificially inflated, inflicting enormous damages on investors. More specifically, the plaintiff alleges that defendants misrepresented AmeriCredit's financial performance by improperly deferring delinquent loans to avoid customer defaults so AmeriCredit could have access to cash that otherwise would have been restricted. As a result of defendants' scheme, the plaintiff complains, defendants maintained inadequate cash reserves.
For more information about Chitwood & Harley LLP, please visit our website at www.classlaw.com or contact Jennifer Morris at 1-888-873-3999 (toll-free), by e-mail at jlm@classlaw.com or at 1230 Peachtree Street, Suite 2300, Atlanta, Georgia 30309.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.