{"id":380994,"date":"2020-11-13T12:03:32","date_gmt":"2020-11-13T17:03:32","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=380994"},"modified":"2020-11-13T12:03:32","modified_gmt":"2020-11-13T17:03:32","slug":"glancy-prongay-murray-llp-reminds-investors-of-looming-deadline-in-the-class-action-lawsuit-against-credit-acceptance-corporation-cacc-3","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/glancy-prongay-murray-llp-reminds-investors-of-looming-deadline-in-the-class-action-lawsuit-against-credit-acceptance-corporation-cacc-3\/","title":{"rendered":"Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Credit Acceptance Corporation (CACC)"},"content":{"rendered":"
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PR Newswire<\/p>\n<\/p><\/div>\n

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\n LOS ANGELES<\/span>, Nov. 13, 2020<\/span> \/PRNewswire\/ — Glancy Prongay<\/span> & Murray LLP<\/a>\u00a0(“GPM”) reminds investors of the upcoming\u00a0December 1<\/span>, 2020\u00a0<\/b>deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired Credit Acceptance Corporation (“Credit Acceptance” or the “Company”) (NASDAQ:\u00a0CACC<\/a>)\u00a0common stock between\u00a0November 1, 2019<\/span> and August 28, 2020<\/span><\/b>,\u00a0<\/b>inclusive (the “Class Period”). <\/p>\n

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\n \"(PRNewsfoto\/Glancy
\n <\/a>\n <\/p>\n<\/p><\/div>\n

If you suffered a loss on your Credit Acceptance investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information\u00a0at https:\/\/www.glancylaw.com\/cases\/credit-acceptance-corporation\/<\/a>. You can also contact Charles H. Linehan<\/span>, of GPM at 310-201-9150, Toll-Free at 888-773-9224, via email shareholders@glancylaw.com<\/a> or visit our website at www.glancylaw.com<\/a> to learn more about your rights. \u00a0\u00a0<\/p>\n

On Friday, August 28, 2020<\/span>, the Massachusetts<\/span> Attorney General (“AG”) filed a complaint against Credit Acceptance alleging that the Company made unfair and deceptive auto loans to consumers and engaged in unfair debt collection practices. Among other things, the complaint alleged that, since 2013, Credit Acceptance topped off the pools of loans that it packaged and securitized with higher risk loans. It further alleged that Credit Acceptance made high interest subprime auto loans that the Company knew borrowers would be unable to pay, thereby ignoring the likelihood that the borrowers would default on their loans.<\/p>\n

On Monday, August 31, 2020<\/span>, the Massachusetts AG issued a press release announcing the lawsuit and stating that the Company’s “unaffordable and illegal loans” caused borrowers “to fall into thousands of dollars of debt and even lose their vehicles.”<\/p>\n

On this news, the Company’s share price fell $85.36<\/span>, or 18%, to close at $374.07<\/span> per share on September 1, 2020<\/span>, thereby injuring investors.<\/p>\n

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and\/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the Company was topping off the pools of loans that they packaged and securitized with higher-risk loans; (2) that the Company was making high interest subprime auto loans to borrowers that the Company knew borrowers would be unable to repay; (3) that the borrowers were subject to hidden finance charges, resulting in loans exceeding the usury rate ceiling mandated by state law; (4) that the Company took excessive and illegal measures to collect debt from defaulted borrowers; (5) that, as a result, the Company was likely to face regulatory scrutiny and possible penalties from various regulators or lawsuits; and (6) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and\/or lacked a reasonable basis.\u00a0\u00a0<\/p>\n

Follow us for updates on LinkedIn<\/a>, Twitter<\/a>, or Facebook<\/a>.<\/p>\n

If you purchased\u00a0or otherwise acquired Credit Acceptance common stock during the Class Period,\u00a0you may move the Court no later than\u00a0December 1<\/span>, 2020\u00a0<\/b>to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no\u00a0action and remain an absent member of the Class. If you wish to\u202flearn more\u202fabout this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact\u00a0Charles\u00a0Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California<\/span> 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to\u00a0shareholders@glancylaw.com<\/a>, or visit our website at\u00a0www.glancylaw.com<\/a>. If you inquire by email please include your mailing address, telephone number and number of shares purchased.\u00a0\u00a0<\/p>\n

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.<\/p>\n

<\/div>\n

\n \"Cision\" View original content to download multimedia:http:\/\/www.prnewswire.com\/news-releases\/glancy-prongay–murray-llp-reminds-investors-of-looming-deadline-in-the-class-action-lawsuit-against-credit-acceptance-corporation-cacc-301172546.html<\/a><\/p>\n

SOURCE Glancy Prongay<\/span> & Murray LLP<\/p>\n<\/p><\/div>\n

\"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

PR Newswire LOS ANGELES, Nov. 13, 2020 \/PRNewswire\/ — Glancy Prongay & Murray LLP\u00a0(“GPM”) reminds investors of the upcoming\u00a0December 1, 2020\u00a0deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired Credit Acceptance Corporation (“Credit Acceptance” or the “Company”) (NASDAQ:\u00a0CACC)\u00a0common stock between\u00a0November 1, 2019 and August 28, 2020,\u00a0inclusive (the “Class Period”). If you suffered a loss on your Credit Acceptance investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information\u00a0at https:\/\/www.glancylaw.com\/cases\/credit-acceptance-corporation\/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, via email shareholders@glancylaw.com or visit our website at www.glancylaw.com to … <\/p>\n

Continue reading “Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Credit Acceptance Corporation (CACC)”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-380994","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nGlancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Credit Acceptance Corporation (CACC) - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/glancy-prongay-murray-llp-reminds-investors-of-looming-deadline-in-the-class-action-lawsuit-against-credit-acceptance-corporation-cacc-3\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Credit Acceptance Corporation (CACC) - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire LOS ANGELES, Nov. 13, 2020 \/PRNewswire\/ — Glancy Prongay & Murray LLP\u00a0(“GPM”) reminds investors of the upcoming\u00a0December 1, 2020\u00a0deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired Credit Acceptance Corporation (“Credit Acceptance” or the “Company”) (NASDAQ:\u00a0CACC)\u00a0common stock between\u00a0November 1, 2019 and August 28, 2020,\u00a0inclusive (the “Class Period”). If you suffered a loss on your Credit Acceptance investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information\u00a0at https:\/\/www.glancylaw.com\/cases\/credit-acceptance-corporation\/. You can also contact Charles H. 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If you suffered a loss on your Credit Acceptance investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information\u00a0at https:\/\/www.glancylaw.com\/cases\/credit-acceptance-corporation\/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, via email shareholders@glancylaw.com or visit our website at www.glancylaw.com to … Continue reading \"Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Credit Acceptance Corporation (CACC)\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/glancy-prongay-murray-llp-reminds-investors-of-looming-deadline-in-the-class-action-lawsuit-against-credit-acceptance-corporation-cacc-3\/","og_site_name":"Market Newsdesk","article_published_time":"2020-11-13T17:03:32+00:00","og_image":[{"url":"https:\/\/mma.prnewswire.com\/media\/1219482\/Glancy_Prongay_and_Murray_LLP.jpg","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/glancy-prongay-murray-llp-reminds-investors-of-looming-deadline-in-the-class-action-lawsuit-against-credit-acceptance-corporation-cacc-3\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/glancy-prongay-murray-llp-reminds-investors-of-looming-deadline-in-the-class-action-lawsuit-against-credit-acceptance-corporation-cacc-3\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Credit Acceptance Corporation (CACC)","datePublished":"2020-11-13T17:03:32+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/glancy-prongay-murray-llp-reminds-investors-of-looming-deadline-in-the-class-action-lawsuit-against-credit-acceptance-corporation-cacc-3\/"},"wordCount":664,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/glancy-prongay-murray-llp-reminds-investors-of-looming-deadline-in-the-class-action-lawsuit-against-credit-acceptance-corporation-cacc-3\/#primaryimage"},"thumbnailUrl":"https:\/\/mma.prnewswire.com\/media\/1219482\/Glancy_Prongay_and_Murray_LLP.jpg","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/glancy-prongay-murray-llp-reminds-investors-of-looming-deadline-in-the-class-action-lawsuit-against-credit-acceptance-corporation-cacc-3\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/glancy-prongay-murray-llp-reminds-investors-of-looming-deadline-in-the-class-action-lawsuit-against-credit-acceptance-corporation-cacc-3\/","name":"Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Credit Acceptance Corporation (CACC) - 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