The Law Offices of Frank R. Cruz 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.
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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 announced 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.
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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 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, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20200429005981/en/
Contacts:
Frank R. Cruz, 310-914-5007
fcruz@frankcruzlaw.com
www.frankcruzlaw.com
