{"id":388233,"date":"2020-11-24T19:03:06","date_gmt":"2020-11-25T00:03:06","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=388233"},"modified":"2020-11-24T19:03:06","modified_gmt":"2020-11-25T00:03:06","slug":"deadline-alert-bragar-eagel-squire-p-c-reminds-investors-that-a-class-action-lawsuit-has-been-filed-against-credit-acceptance-corporation-and-encourages-investors-to-contact-the-firm","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/deadline-alert-bragar-eagel-squire-p-c-reminds-investors-that-a-class-action-lawsuit-has-been-filed-against-credit-acceptance-corporation-and-encourages-investors-to-contact-the-firm\/","title":{"rendered":"DEADLINE ALERT: Bragar Eagel &amp; Squire, P.C. Reminds Investors That a Class Action Lawsuit Has Been Filed Against Credit Acceptance Corporation and Encourages Investors to Contact the Firm"},"content":{"rendered":"<div class=\"mw_release\">\n<p align=\"justify\">NEW YORK, Nov.  24, 2020  (GLOBE NEWSWIRE) &#8212; Bragar Eagel &amp; Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that a class action lawsuit has been filed in the United States District Court for the Eastern District of Michigan on behalf of investors that purchased Credit Acceptance Corporation (NASDAQ: CACC) common stock between November 1, 2019 and August 28, 2020 (the \u201cClass Period\u201d). Investors have until December 1, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.<\/p>\n<p align=\"justify\">Click <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=sbD1BJEODESOkAGix_D1ysjlUzSsX1eR4Vrrk344yR8z15_sdL9m4CKfczT_cqpZpv5duzEZaw_eT2dwbx2GZg==\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">here<\/a> to participate in the action.<\/p>\n<p align=\"justify\">Credit Acceptance provides financing programs, and related products and services to independent and franchised automobile dealers in the United States. These programs are offered through a nationwide network of automobile dealers who benefit from sales of vehicles to consumers who otherwise could not obtain financing, as 95% of Credit Acceptance\u2019s loans are considered subprime. The Company\u2019s tag line is \u201cWe change lives!\u201d and the Company asserts its financing programs give consumers \u201ca second chance\u201d in improving their credit scores.<\/p>\n<p align=\"justify\">The ugly truth about the Company\u2019s predatory and illegal business practices was revealed on August 28, 2020 when the Massachusetts Attorney General filed the Mass AG Complaint against Credit Acceptance alleging that Credit Acceptance has, for years, been making unfair and deceptive automobile loans to thousands of Massachusetts consumers. In addition, the lawsuit specifically alleges that Credit Acceptance provided its investors with false and\/or misleading information regarding the asset-backed securitizations they offered to investors, and that the Company engaged in unfair debt collection practices as well.<\/p>\n<p align=\"justify\">In response to the public disclosure of the Mass AG Complaint, Credit Acceptance\u2019s stock price fell $85.36 per share, or over 18%, to close at $374.07 per share over two trading days ending on September 1, 2020.<\/p>\n<p align=\"justify\">The complaint, filed on October 2, 2020, alleges that defendants failed to disclose to investors: (i) that the Company was topping off the pools of loans that they packaged and securitized with higher-risk loans; (ii) that Credit Acceptance was making high interest subprime auto loans to borrowers that the Company knew borrowers would be unable to repay; (iii) that the borrowers were subject to hidden finance charges, resulting in loans exceeding the usury rate ceiling mandated by state law; (iv) that Credit Acceptance took excessive and illegal measures to collect debt from defaulted borrowers; (v) that, as a result, the Company was likely to face regulatory scrutiny and possible penalties from various regulators or lawsuits; and (vi) that, as a result of the foregoing, defendants positive statements about the Company\u2019s business, operations, and adherence to appropriate laws and regulations were materially misleading and\/or lacked a reasonable basis.<\/p>\n<p align=\"justify\">If you purchased Credit Acceptance common stock during the Class Period and suffered a loss, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker, Melissa Fortunato, or Marion Passmore by email at <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=EKhD6sVzsw4S08q7flu3dSTxGpoYhuXt720745wW6ets7vAAmPWknF3eBG7vPc-DHUWHTgTc5M8imhSatstec5_kT-ACdJBNe6expAeoxcA=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"><u>investigations@bespc.com<\/u><\/a>, telephone at (212) 355-4648, or by <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=JZJLTP55fhp1kQae7kIEbHykEvVdneH2pIGlCC4HlpHJZ0x2JHBeLezC_QKDkel_FN2Y-JA8yRGYCQWr8z-l89bcxrJPn9I8FqkrKrhH6ho=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"><u>filling out this contact form.<\/u><\/a> There is no cost or obligation to you.<\/p>\n<p>\n        <strong>About <\/strong><br \/>\n        <strong>Bragar<\/strong><br \/>\n        <strong>Eagel<\/strong><br \/>\n        <strong> &amp; Squire, P.C.:<\/strong><br \/>\n        <br \/>Bragar Eagel &amp; Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=250w5aSjSt2H1gA_O0knSBZhbaXLuB8dcKQ1aOkhdeBBzR4YmmdO8aCt22kpdV1OGBPglfz6Nxgoo-l-KqCq2Q==\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">www.bespc.com<\/a>. Attorney advertising. Prior results do not guarantee similar outcomes.<\/p>\n<p>\n        <strong>Contact Information:<\/strong><br \/>\n        <br \/>Bragar Eagel &amp; Squire, P.C.<br \/>Brandon Walker, Esq.<br \/>Melissa Fortunato, Esq.<br \/>Marion Passmore, Esq.<br \/>(212) 355-4648<br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=EKhD6sVzsw4S08q7flu3dSTxGpoYhuXt720745wW6etN0R8eM3y6DU8gS5QS6JvvM1JIZVgj6uwxOL641FrMv3zLX8UN_gP2IDOPVQLMUIE=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">investigations@bespc.com<\/a><br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=250w5aSjSt2H1gA_O0knSI-D5NGslxNbppfzEZuR5CCKGJtuuRUHfXAdycNSqxdIkGjgkV7VjOUlTteujHPEWg==\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">www.bespc.com<\/a><\/p>\n<p \/>\n      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODA5MTc4MCMzODQyODA2IzIxMDAzOTg=\" width=\"1\" height=\"1\" \/><br \/>\n      <br \/>\n      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/ml.globenewswire.com\/release\/track\/b972b91d-ac6d-47e4-a2ce-4ae70a5862ac\" width=\"1\" height=\"1\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>NEW YORK, Nov. 24, 2020 (GLOBE NEWSWIRE) &#8212; Bragar Eagel &amp; Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that a class action lawsuit has been filed in the United States District Court for the Eastern District of Michigan on behalf of investors that purchased Credit Acceptance Corporation (NASDAQ: CACC) common stock between November 1, 2019 and August 28, 2020 (the \u201cClass Period\u201d). Investors have until December 1, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit. Click here to participate in the action. Credit Acceptance provides financing programs, and related products and services to independent and franchised automobile dealers in the United States. These programs are offered through a nationwide &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/deadline-alert-bragar-eagel-squire-p-c-reminds-investors-that-a-class-action-lawsuit-has-been-filed-against-credit-acceptance-corporation-and-encourages-investors-to-contact-the-firm\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;DEADLINE ALERT: Bragar Eagel &amp; Squire, P.C. Reminds Investors That a Class Action Lawsuit Has Been Filed Against Credit Acceptance Corporation and Encourages Investors to Contact the Firm&#8221;<\/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-388233","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>DEADLINE ALERT: Bragar Eagel &amp; Squire, P.C. 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Reminds Investors That a Class Action Lawsuit Has Been Filed Against Credit Acceptance Corporation and Encourages Investors to Contact the Firm - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"NEW YORK, Nov. 24, 2020 (GLOBE NEWSWIRE) &#8212; Bragar Eagel &amp; Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that a class action lawsuit has been filed in the United States District Court for the Eastern District of Michigan on behalf of investors that purchased Credit Acceptance Corporation (NASDAQ: CACC) common stock between November 1, 2019 and August 28, 2020 (the \u201cClass Period\u201d). Investors have until December 1, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit. Click here to participate in the action. Credit Acceptance provides financing programs, and related products and services to independent and franchised automobile dealers in the United States. These programs are offered through a nationwide &hellip; Continue reading &quot;DEADLINE ALERT: Bragar Eagel &amp; Squire, P.C. 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Reminds Investors That a Class Action Lawsuit Has Been Filed Against Credit Acceptance Corporation and Encourages Investors to Contact the Firm - Market Newsdesk","og_description":"NEW YORK, Nov. 24, 2020 (GLOBE NEWSWIRE) &#8212; Bragar Eagel &amp; Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that a class action lawsuit has been filed in the United States District Court for the Eastern District of Michigan on behalf of investors that purchased Credit Acceptance Corporation (NASDAQ: CACC) common stock between November 1, 2019 and August 28, 2020 (the \u201cClass Period\u201d). Investors have until December 1, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit. Click here to participate in the action. Credit Acceptance provides financing programs, and related products and services to independent and franchised automobile dealers in the United States. These programs are offered through a nationwide &hellip; Continue reading \"DEADLINE ALERT: Bragar Eagel &amp; Squire, P.C. Reminds Investors That a Class Action Lawsuit Has Been Filed Against Credit Acceptance Corporation and Encourages Investors to Contact the Firm\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/deadline-alert-bragar-eagel-squire-p-c-reminds-investors-that-a-class-action-lawsuit-has-been-filed-against-credit-acceptance-corporation-and-encourages-investors-to-contact-the-firm\/","og_site_name":"Market Newsdesk","article_published_time":"2020-11-25T00:03:06+00:00","og_image":[{"url":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODA5MTc4MCMzODQyODA2IzIxMDAzOTg=","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\/deadline-alert-bragar-eagel-squire-p-c-reminds-investors-that-a-class-action-lawsuit-has-been-filed-against-credit-acceptance-corporation-and-encourages-investors-to-contact-the-firm\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/deadline-alert-bragar-eagel-squire-p-c-reminds-investors-that-a-class-action-lawsuit-has-been-filed-against-credit-acceptance-corporation-and-encourages-investors-to-contact-the-firm\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"DEADLINE ALERT: Bragar Eagel &amp; Squire, P.C. 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