LOS ANGELES--(BUSINESS WIRE)--The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Credit Acceptance Corporation (“Credit Acceptance” or “the Company”) (NASDAQ: CACC) for violations of the securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Credit Acceptance is the subject of a report published by Citron Research on March 25, 2020. The report states that: "over the years [Credit Acceptance] has been taking on riskier and lower return loans and hiding the true volatility of its earnings through aggressive accounting." The report is also skeptical of the Company’s reported book value of its loans. On April 20, 2020, the Company announced that it would fail to file its quarterly report for the period ending March 31, 2020, in a timely manner. Based on this news, shares of Credit Acceptance dropped by almost 14%.
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The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
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