SAN FRANCISCO, Jan. 30, 2023 (GLOBE NEWSWIRE) -- Hagens Berman urges Credit Acceptance Corporation (NASDAQ: CACC) investors who suffered significant losses to submit your losses now.
| Visit: https://www.hbsslaw.com/investor-fraud/CACC | |
| Contact An Attorney Now: | CACC@hbsslaw.com |
| 844-916-0895 | |
Credit Acceptance Corporation (CACC) Investigation:
Credit Acceptance, one of the nation's largest subprime auto lenders, offers financing programs that enable auto dealers to sell vehicles to consumers regardless of their credit history. The company has repeatedly claimed that “we provide consumers with an opportunity to improve their lives by improving their credit scores and move on toward more traditional sources of financing.”
Credit Acceptance has claimed that this business model has driven the high growth rate in its Consumer Loan assignment volume.
The propriety of Credit Acceptance’s statements came into question on Jan. 4, 2023, when the New York Attorney General and Consumer Financial Protection Bureau sued the company for deceiving thousands of New Yorkers into high-interest loans.
According to NYAG/CFPB’s lawsuit, Credit Acceptance: (1) pushed unaffordable loans onto tens of thousands of low-income consumers without considering their ability to repay loans in full; (2) misstated key terms on loan agreements (including principal and interest amounts); (3) did not disclose thousands of dollars in credit charges; and then (4) packaged illegal loans into securities that it sold to investors.
This news drove the price of Credit Acceptance shares down over 11% on Jan. 4, 2023.
“We’re focused on investors’ losses and whether Credit Acceptance’s illegal practices were the true driver of its touted growth,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Credit Acceptance and have significant losses, or have knowledge that may assist the firm’s investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Credit Acceptance 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. For more information, call Reed Kathrein at 844-916-0895 or email CACC@hbsslaw.com.
About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Contact:
Reed Kathrein, 844-916-0895
