ATLANTA, Jan. 31, 2003 (PRIMEZONE) -- Chitwood & Harley LLP today made available on its website its complaint on behalf of purchasers of the common stock of AmeriCredit (NYSE:ACF), between April 14, 1999 and January 15, 2003 ("Class Period"). Previously, the firm's website contained the complaint it had filed in the United States District Court for the Northern District of Texas with a shorter class period. To view the new complaint, please go to www.classlaw.com and click on the tab for the AmeriCredit case.
If you wish to discuss this action or have any questions concerning this notice or your rights with respect to this matter, you may contact Jennifer Morris at 1-888-873-3999 (toll-free) or by e-mail at jlm@classlaw.com. Investors are encouraged to let us know if you purchased an ACF security in an offering so that we may evaluate whether you have any claims that are not yet alleged. If you wish to serve as lead plaintiff in this action, you must file a motion to do so no later than 60 days after January 15, 2003. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of his or her choice, or may choose to do nothing and remain an absent class member.
The complaint charges AmeriCredit and certain of its officers and directors with violations of federal securities laws. Among other things, plaintiff claims that defendants' material omissions and the dissemination of materially false and misleading statements regarding the nature of AmeriCredit's revenues and earnings caused AmeriCredit's stock price to become artificially inflated, inflicting enormous damages on investors. More specifically, the plaintiff alleges that defendants misrepresented AmeriCredit's financial performance by improperly deferring delinquent loans to avoid customer defaults so AmeriCredit could have access to cash that otherwise would have been restricted. As a result of defendants' scheme, the plaintiff complains, defendants maintained inadequate cash reserves.
In order to serve as lead plaintiff, you must meet certain legal requirements which Chitwood & Harley LLP would be happy to discuss with you. Chitwood & Harley LLP is a class action law firm that represents victims of securities fraud and corporate mismanagement. Chitwood & Harley LLP has been appointed lead counsel in major actions throughout the United States and has been instrumental in obtaining significant recoveries on behalf of its clients. Clients and courts alike have praised the results achieved by Chitwood & Harley LLP. Recently, the federal judge in In re BankAmerica Securities Litigation, which resulted in last year's highest settlement in a securities class action, commented favorably on counsel's performance stating: "Class members were well served by experienced attorneys who, through considerable time and effort, obtained a significant recovery for their clients," and, "(a)s the Court has remarked throughout this litigation, class counsel ... have performed at exceptionally high levels, and all parties have been exceedingly well represented."
For more information about Chitwood & Harley LLP, please visit our website at www.classlaw.com or contact Jennifer Morris at 1-888-873-3999 (toll-free), by e-mail at jlm@classlaw.com or at 1230 Peachtree Street, Suite 2300, Atlanta, Georgia 30309.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.