NEW YORK, Feb. 14, 2003 (PRIMEZONE) -- Wechsler Harwood LLP today announced that a securities class action has been commenced on behalf of persons or entities who purchased or otherwise acquired the securities of AmeriCredit Corporation ("AmeriCredit" or the "Company") (NYSE:ACF) during the period between April 14, 1999 and January 15, 2003, inclusive (the "Class Period").
The case is pending in the United States District Court for the Northern District of Texas against defendants AmeriCredit and certain of its officers and directors. A copy of the complaint is available from the Court or can be viewed on Wechsler Harwood web site at: www.whesq.com
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.
If you purchased securities during the Class Period, you may, no later than March 17, 2003, move to be appointed as a lead plaintiff in this class action. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as lead plaintiff. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Wechsler Harwood, or other counsel of your choice, to serve as your counsel in this action.
Wechsler Harwood has taken a leading role in many important actions on behalf of defrauded shareholders. The Wechsler Harwood website (www.whesq.com) has more information about the firm and detailed information regarding this matter. If you wish to discuss this action with us, or have any questions concerning this notice or your rights and interests with regard to the case, please contact the following:
Wechsler Harwood LLP 488 Madison Avenue, 8th Floor New York, New York 10022 Toll Free Telephone: (877) 935-7400 Ramon Pinon, Wechsler Harwood Shareholder Relations Department: rpinon@whesq.com extension-283
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.