BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces an investigation on behalf of Credit Acceptance Corporation ("Credit Acceptance" or the "Company") (NASDAQ: CACC) investors concerning the Company and its officers’ possible violations of federal securities laws.
On March 25, 2020, Citron Research published a report; (1) highlighting the steep upward trend in subprime auto loan delinquencies, (2) observing "[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 (3) questioning the accuracy of the reported book value of the company's loans.
Then, on April 20, 2020, after the market closed, the Company disclosed that it would not timely file its quarterly report for the period ended March 31, 2020.
On this news, the Company’s share price fell $40.71 per share, or over 13%, to close at $254.00 per share on April 21, 2020.
If you purchased Credit Acceptance securities, have information or 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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to email@example.com, or visit our website at www.howardsmithlaw.com.
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