PHILADELPHIA, Aug. 20, 2020 (GLOBE NEWSWIRE) -- Kehoe Law Firm, P.C. is investigating potential securities claims on behalf of investors of Credit Acceptance Corporation (“Credit Acceptance” or the “Company”) (NASDAQ: CACC) to determine whether the Company engaged in securities fraud or other unlawful business practices.
On August 13, 2020, Credit Acceptance filed a Form 8-K with the SEC stating that it “ . . . previously disclosed . . . receiv[ing] a subpoena from the Attorney General of the State of Maryland, relating to the Company’s repossession and sale policies and procedures in the state of Maryland, and on April 3, 2020, [Credit Acceptance] received a subpoena from the Attorney General of the State of Maryland relating to the Company’s origination and collection policies and procedures in the state of Maryland.”
The Company also announced that “[o]n August 11, 2020, [Credit Acceptance] received a subpoena from the Attorney General of the State of Maryland restating most of the requests contained in the March 18, 2016 and April 3, 2020 subpoenas, making additional requests, and expanding the inquiry to include 39 other states . . .”
Additionally, the Company announced that “. . . on August 11, 2020, [Credit Acceptance] received from the Attorney General of the State of New Jersey a subpoena that is essentially identical to the August 11, 2020 Maryland subpoena, both as to substance and as to the jurisdictions identified. [The Company is] cooperating with these inquiries and cannot predict the eventual scope, duration or outcome at this time. As a result, [Credit Acceptance is] unable to estimate the reasonably possible loss or range of reasonably possible loss arising from these investigations.”
On this news, Credit Acceptance's stock price dropped $19.05 per share, or 3.84%, over the subsequent two trading sessions, closing at $476.78 per share on August 17, 2020.
Investors who purchased, or otherwise acquired, the Company’s common stock and suffered losses greater are encouraged to complete Kehoe Law Firm’s Securities Class Action Questionnaire or contact Kevin Cauley, Director, Business Development, (215) 792-6676, Ext. 802, kcauley@kehoelawfirm.com, securities@kehoelawfirm.com, to discuss the securities investigation or potential legal claims.
Kehoe Law Firm, P.C., with offices in New York and Philadelphia, is a multidisciplinary, plaintiff–side law firm dedicated to protecting investors from securities fraud, breaches of fiduciary duties, and corporate misconduct. Combined, the partners at Kehoe Law Firm have served as Lead Counsel or Co-Lead Counsel in cases that have recovered more than $10 billion on behalf of institutional and individual investors.
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