BALA CYNWYD, Pa., Jan. 28, 2003 (PRIMEZONE) -- The following statement was issued today by the law firm of Schiffrin & Barroway, LLP:
Notice is hereby given that a class action lawsuit was filed in the United States District Court for the Northern District of Texas on behalf of all purchasers of the common stock of the AmeriCredit Corporation (NYSE:ACF) from April 14, 1999 through January 15, 2003, inclusive (the "Class Period").
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Schiffrin & Barroway, LLP (Marc A. Topaz, Esq. or Stuart L. Berman, Esq.) toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at info@sbclasslaw.com.
The complaint alleges that AmeriCredit and certain of its officers and directors with violations of the Securities Exchange Act of 1934. AmeriCredit purchases auto finance contracts without recourse from franchised and select independent automobile dealerships, and, to a lesser extent, makes loans directly to consumers buying used and new vehicles. Among other things, plaintiff alleges 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, causing huge damages for investors.
Specifically, defendants were improperly deferring delinquent loans to avoid consumer defaults so AmeriCredit would have access to cash which otherwise would have been restricted.
Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin & Barroway, LLP, which prosecutes class actions on behalf of investors and shareholders. For more information on Schiffrin & Barroway, or to sign-up to participate in this action online, please visit http://www.sbclasslaw.com/cgi/signup.cgi.
If you are a member of the class described above, you may, no later than March 17, 2003, move the Court to serve as lead plaintiff of the class, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca