LOS ANGELES, Feb. 28, 2003 (PRIMEZONE) -- Glancy & Binkow LLP -- a law firm representing shareholders of AmeriCredit Corp. -- announces 17 days remaining to move to be a lead plaintiff in the shareholder lawsuit. All persons and institutions who purchased securities of AmeriCredit Corp. ("AmeriCredit" or the "Company") (NYSE:ACF) between April 14, 1999 and January 15, 2003, inclusive (the "Class Period"), may move the Court not later than March 17, 2003, to serve as lead plaintiff; however, you must meet certain legal requirements.
If you wish to receive a copy of the Complaint, or have any questions concerning your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy & Binkow LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9161, Toll Free at (888) 773-9224, or e-mail to info@glancylaw.com.
The Complaint charges AmeriCredit and certain of its executive officers with violations of federal securities laws. Among other things, plaintiff claims that defendants' omissions and misleading statements concerning AmeriCredit's business operations caused AmeriCredit's stock price to become artificially inflated, inflicting damages on investors. AmeriCredit engages in the indirect automobile finance business -- buying consumer finance loans from automobile dealers, then conveying such loans to special purpose trusts which issue bonds that are secured by the loans in the trusts. Cash flow from the loans is retained in restricted accounts until the cash reserves reach a certain amount. The complaint alleges that during the Class Period, defendants misrepresented AmeriCredit's financial performance by improperly deferring delinquent loans to avoid customer defaults, thus allowing defendants to access the cash flow from the restricted accounts and to maintain inadequate cash reserves.
Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy & Binkow LLP, a law firm with significant experience in prosecuting shareholder lawsuits, and substantial expertise in actions involving corporate fraud.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca