An investigation on behalf of current long term investors in Credit Acceptance Corporation (NASDAQ:CACC) shares over possible breaches of fiduciary duty by certain officers and directors was announced.
San Diego, CA -- (SBWIRE) -- 03/08/2021 -- An investigation was announced over potential breaches of fiduciary duties by certain directors and officers of Credit Acceptance Corporation.
Investors who are current long term investors in Credit Acceptance Corporation (NASDAQ: CACC) shares, have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm for current long term investors in NASDAQ: CACC stocks follows a lawsuit filed against Credit Acceptance Corporation over alleged securities laws violations. The investigation on behalf of current long term investors in NASDAQ: CACC stocks, concerns whether certain Credit Acceptance Corporation directors are liable in connection with the allegations made in that lawsuit.
According to that complaint filed in the U.S. District Court for the Eastern District of Michigan the plaintiff alleges that, the Defendants failed to disclose to investors that the Company was topping off the pools of loans that they packaged and securitized with higher-risk loans, that Credit Acceptance was making high-interest subprime auto loans to borrowers that the Company knew borrowers would be unable to repay, that the borrowers were subject to hidden finance charges, resulting in loans exceeding the usury rate ceiling mandated by state law, that Credit Acceptance took excessive and illegal measures to collect debt from defaulted borrowers, that, as a result, the Company was likely to face regulatory scrutiny and possible penalties from various regulators or lawsuits, and that, as a result of the foregoing, Defendant's positive statements about the Company's business, operations, and adherence to appropriate laws and regulations were materially misleading and/or lacked a reasonable basis.
Those who purchased shares of Credit Acceptance Corporation (NASDAQ: CACC) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.