LOS ANGELES–(BUSINESS WIRE)–The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against Credit Acceptance Corporation (“CACC” or “the Company”) (NASDAQ: CACC) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
Investors who purchased the Company’s securities between November 1, 2019 and August 28, 2020, inclusive (the ”Class Period”), are encouraged to contact the firm before December 1, 2020.
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We also encourage you to contact Brian Schall of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm’s website at www.schallfirm.com, or by email at firstname.lastname@example.org.
The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
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.
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