Credit Acceptance Corporation (CACC)
CACC Investor Alert: Bronstein, Gewirtz & Grossman, LLC Announces Investigation of Credit Acceptance Corporation and Encourages Investors to Contact the Firm
Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Credit Acceptance Corporation ("Credit Acceptance" or "the Company") (NASDAQ: CACC). The investigation concerns whether Credit Acceptance and certain of its officers and/or directors have violated federal securities laws.
On March 25, 2020, Citron Research published a report highlighting the steep upward trend in subprime auto loan delinquencies, observing that “[o]ver the years [Credit Acceptance] has been taking on riskier and lower return loans and hiding the true volatility of its earnings through aggressive accounting,” and questioning the accuracy of the reported book value of Credit Acceptance’s loans. Then, on April 20, 2020, post-market, Credit Acceptance announced that it would not timely file its quarterly report for the period ended March 31, 2020. On this news, Credit Acceptance’s stock price fell $40.71 per share, or 13.81%, to close at $254.00 per share on April 21, 2020.
If you are aware of any facts relating to this investigation, or purchased Credit Acceptance shares, you can also contact Peretz Bronstein or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.