Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Announces the Filing of a Securities Class Action on Behalf of FirstCash, Inc. (FCFS) Investors

LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, announces that a class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired FirstCash, Inc. (“FirstCash” or the “Company”) (NASDAQ: FCFS) common stock between February 1, 2018 and November 12, 2021, inclusive (the “Class Period”). FirstCash investors have until March 15, 2022 to file a lead plaintiff motion.

If you suffered a loss on your FirstCash 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 at www.glancylaw.com/cases/firstcash-inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at [e-mail] to learn more about your rights.

On November 12, 2021, the Consumer Financial Protection Bureau (“CFPB”) filed a lawsuit against FirstCash and Cash America West, alleging that the two companies violated the Military Lending Act (“MLA”) by charging higher than the allowable 36% annual rate on pawn loans to active-duty service members and their dependents. The CFPB is seeking an injunction, redress for affected borrowers, and a civil money penalty.

On this news, FirstCash share price declined $7.20, or 8.4%, to close at $78.64 per share on November 12, 2021, thereby injuring investors.

The 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’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) FirstCash had made more than 3,600 loans to over 1,000 active-duty members of the military and their families at usurious interest rates above 36% -- and often exceeding 200% -- in violation of the MLA and consent order between FirstCash’s predecessor and the CFPB for prior violations of the MLA (the “Order”); (2) FirstCash had failed to implement the remedial measures imposed by the Order; (3) FirstCash's financial results were, in substantial part, the product of FirstCash's violations of the MLA and the Order; and (4) as a result, FirstCash was exposed to a material undisclosed risk of legal, reputational, and financial harm if FirstCash's violations of the MLA and the Order were ever publicly disclosed.

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If you purchased or otherwise acquired FirstCash common stock during the Class Period, you may move the Court no later than March 15, 2022 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 action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [e-mail], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

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