{"id":389724,"date":"2020-11-30T11:03:34","date_gmt":"2020-11-30T16:03:34","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=389724"},"modified":"2020-11-30T11:03:34","modified_gmt":"2020-11-30T16:03:34","slug":"the-law-offices-of-frank-r-cruz-reminds-investors-of-looming-deadline-in-the-class-action-lawsuit-against-credit-acceptance-corporation-cacc","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/the-law-offices-of-frank-r-cruz-reminds-investors-of-looming-deadline-in-the-class-action-lawsuit-against-credit-acceptance-corporation-cacc\/","title":{"rendered":"The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Credit Acceptance Corporation (CACC)"},"content":{"rendered":"

<\/p>\n

The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Credit Acceptance Corporation (CACC)<\/b><\/p>\n

LOS ANGELES–(BUSINESS WIRE<\/a>)–The Law Offices of Frank R. Cruz<\/a> reminds investors of the upcoming December 1, 2020 <\/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: CACC<\/a>) common stock between November 1, 2019 and August 28, 2020<\/b>,inclusive (the \u201cClass Period\u201d).\n<\/p>\n

\nIf you are a shareholder who suffered a loss, click here<\/a> to participate.\n<\/p>\n

\nOn Friday, August 28, 2020, the Massachusetts Attorney General (\u201cAG\u201d) 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.\n<\/p>\n

\nOn Monday, August 31, 2020, the Massachusetts AG issued a press release announcing the lawsuit and stating that the Company\u2019s \u201cunaffordable and illegal loans\u201d caused borrowers \u201cto fall into thousands of dollars of debt and even lose their vehicles.\u201d\n<\/p>\n

\nOn this news, Credit Acceptance\u2019s share price fell $85.36, or 18%, to close at $374.07 per share on September 1, 2020, thereby injuring investors.\n<\/p>\n

\nThe complaint filed 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\u2019s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that Credit Acceptance was topping off the pools of loans that they packaged and securitized with higher-risk loans; (2) that Credit Acceptance 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 Credit Acceptance took excessive and illegal measures to collect debt from defaulted borrowers; (5) that, as a result, Credit Acceptance was likely to face regulatory scrutiny and possible penalties from various regulators or lawsuits; and (6) that, as a result of the foregoing, Defendants\u2019 positive statements about the Company\u2019s business, operations, and prospects were materially misleading and\/or lacked a reasonable basis.\n<\/p>\n

\nFollow us for updates on Twitter: twitter.com\/FRC_LAW<\/a>.\n<\/p>\n

\nIf you purchased or otherwise acquired Credit Acceptance securities during the Class Period, you may move the Court no later than December 1, 2020 <\/b>to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com<\/a>, or visit our website at www.frankcruzlaw.com<\/a>. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.\n<\/p>\n

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

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20201130005351\/en\/<\/a><\/span><\/p>\n

\nThe Law Offices of Frank R. Cruz, Los Angeles
\n
Frank R. Cruz, 310-914-5007
\n
fcruz@frankcruzlaw.com
\n<\/a>
www.frankcruzlaw.com<\/a><\/p>\n

KEYWORDS:<\/b> California United States North America<\/p>\n

INDUSTRY KEYWORDS:<\/b> Legal Professional Services<\/p>\n

MEDIA:<\/b><\/p>\n\n\n\n\n
Logo<\/b><\/font><\/td>\n<\/tr>\n
\"Logo\"<\/td>\n<\/tr>\n
<\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Credit Acceptance Corporation (CACC) LOS ANGELES–(BUSINESS WIRE)–The Law Offices of Frank R. Cruz reminds investors of the upcoming December 1, 2020 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: CACC) common stock between November 1, 2019 and August 28, 2020,inclusive (the \u201cClass Period\u201d). If you are a shareholder who suffered a loss, click here to participate. On Friday, August 28, 2020, the Massachusetts Attorney General (\u201cAG\u201d) filed a complaint against Credit Acceptance alleging that the Company made unfair and deceptive … <\/p>\n

Continue reading “The Law Offices of Frank R. Cruz 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-389724","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nThe Law Offices of Frank R. 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Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Credit Acceptance Corporation (CACC) LOS ANGELES–(BUSINESS WIRE)–The Law Offices of Frank R. Cruz reminds investors of the upcoming December 1, 2020 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: CACC) common stock between November 1, 2019 and August 28, 2020,inclusive (the \u201cClass Period\u201d). If you are a shareholder who suffered a loss, click here to participate. On Friday, August 28, 2020, the Massachusetts Attorney General (\u201cAG\u201d) filed a complaint against Credit Acceptance alleging that the Company made unfair and deceptive … Continue reading "The Law Offices of Frank R. 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