NEW YORK, NY / ACCESSWIRE / January 5, 2023 / Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Credit Acceptance Corporation ("CAC" or the "Company") (NASDAQ:CACC). Investors who purchased CAC securities are encouraged to obtain additional information and assist the investigation by visiting the firm's site: www.bgandg.com/cacc.
The investigation concerns whether CAC has violated federal securities laws.
On January 4, 2023, New York Attorney General Letitia James and the Consumer Financial Protection Bureau ("CFPB") issued a press release announcing that they had sued CAC "for deceiving thousands of low-income New Yorkers into high-interest car loans." The press release specified that "[t]he lawsuit alleges that CAC pushed unaffordable loans onto tens of thousands of low-income consumers throughout the state without considering their ability to repay their loans in full. CAC misstated key terms on loan agreements, including the principal and interest amounts, and did not disclose thousands of dollars in credit charges. In addition, CAC packaged these illegal loans into securities that it sold to investors. These deceptive lending practices lowered consumers' credit scores and cost New Yorkers millions of dollars. The lawsuit seeks to end CAC's abusive and deceptive practices, reform or eliminate existing CAC loan agreements, and collect restitution for impacted consumers." On this news, CAC's stock price fell $52.99 per share, or 11.61%, to close at $403.49 per share on January 4, 2023.
If you are aware of any facts relating to this investigation or purchased CAC shares, you can assist this investigation by visiting the firm's site: www.bgandg.com/cacc. You can also contact Peretz Bronstein or his law clerk and client relations manager, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC represents investors in securities fraud class actions and shareholder derivative suits. The firm has recovered hundreds of millions of dollars for investors nationwide. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Nathanson
212-697-6484 | [email protected]
SOURCE: Bronstein, Gewirtz and Grossman, LLC