SHAREHOLDER ALERT: Lowey Dannenberg Investigates Claims on Behalf of Investors of Credit Acceptance Corporation (CACC)

by | May 21, 2020 | News, securities | 0 comments

Lowey Dannenberg P.C., a preeminent law firm in obtaining redress for consumers and investors is investigating claims of violations of federal securities laws on behalf of investors of Credit Acceptance Corporation (“Credit Acceptance” or the “Company”) (NASDAQ: CACC).

Credit Acceptance provides funding, receivables management, collection, sales training, and related services to automobile dealers and provides indirect financing for buyers with limited access to traditional sources of consumer credit.

On March 25, 2020, Citron Research published a report highlighting the steep increase in subprime auto loan delinquencies, accusing Credit Acceptance of “taking on riskier and lower return loans and hiding the true volatility of its earnings through aggressive accounting.”  Then, on April 20, 2020, the Company filed a Form 8-K with the SEC, announcing a delay in the filing of their quarterly report for the period ended March 31, 2020.  On this news, the price of Credit Acceptance shares dropped $40.71, losing almost 14% of its value in a single day.

If you are a shareholder of Credit Acceptance who suffered a loss, we encourage you to contact our attorneys at Lowey Dannenberg at (914) 733-7256 or investigations@lowey.com to learn more about this investigation or to discuss your options.

Whistleblowers: Persons with non-public information regarding Hallmark should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC.