BALA CYNWYD, Pa., Feb. 4 2003 (PRIMEZONE) -- Law offices of Brodsky & Smith, LLC today announces that it has filed a securities class action lawsuit on behalf of shareholders who purchased the common stock and other securities of AmeriCredit (NYSE:ACF) between April 14, 1999 and September 16, 2002, inclusive (the "Class Period").
The case is pending in the United States District Court for the Northern District of Texas, Fort Worth Division against the company and certain of its officers and directors.
The action charges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by issuing a series of materially false and misleading statements regarding AmeriCredit's business and financial condition during the Class Period. Specifically, the Complaint alleges that, inter alia, Defendants were improperly deferring delinquent loans during the Class Period in order to avoid consumer defaults so that AmeriCredit would have access to cash that otherwise would have been restricted pursuant to the terms of controlling trust agreements.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased the stock listed above during the Class Period, you have certain rights. To be a member of the class you need not take any action at this time, and you may retain counsel of your choice.
If you were a purchaser of this stock between April 14, 1999 and September 16, 2002 and want to discuss your legal rights, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Marc L. Ackerman, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at mackerman@brodsky-smith.com, or by calling toll free 877-LEGAL-90.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca