NEW YORK, Oct. 09, 2020 (GLOBE NEWSWIRE) -- The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the District of Michigan on behalf of those who acquired Credit Acceptance Corporation (“Credit Acceptance” or the “Company”) (NASDAQ: CACC) securities during the period from November 1, 2019 through August 28, 2020, inclusive (the “Class Period”). Investors have until December 1, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
According to the Complaint, the Company made false and misleading statements to the market. Credit Acceptance used high-risk loans to top off loan pools that it packaged and securitized. The Company made subprime loans at high interest rates to borrowers it knew could not repay them. The Company’s hidden finance charges raised the interest rate of these loans above the usury rate ceiling set by state law. The Company used aggressive and illegal measures to collect debt from its defaulted borrowers. Based on these facts, the Company’s public statements were false and materially misleading throughout the class period. When the market learned the truth about Credit Acceptance, investors suffered damages.
If you acquired Credit Acceptance securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney at 212-371-6600, by email at investigations@kmllp.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, and whistleblower litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney’s website: www.kmllp.com.
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Contacts
Kirby McInerney LLP
Thomas W. Elrod, Esq., (212) 371-6600
investigations@kmllp.com
www.kmllp.com