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 target of a lawsuit filed on January 4, 2023, by the Consumer Financial Protection Bureau (CFPB) and New York Attorney General Letitia James over predatory lending practices. CFPB Director Rohit Chopra said in a statement that the Company “obscured the true cost of its loans," and then subjected consumers to financial distress and aggressive debt collection "on loans its own systems predicted that borrowers can't afford to repay." Based on this news, shares of Credit Acceptance fell by more than 11.6% on the same day.
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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.
The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20230105005728/en/
The Schall Law Firm
Brian Schall, Esq.