Robbins LLP Is Investigating the Officers and Directors of Credit Acceptance Corporation (CACC) on Behalf of Shareholders
Robbins LLP is investigating whether certain officers and directors of Credit Acceptance Corporation (NASDAQGS: CACC) violated federal securities laws by issuing materially misleading business information to the investing public. Credit Acceptance Corp. provides automobile dealers financing programs, and related products and services that enable them to sell vehicles to consumers.
Credit Acceptance Corp. Under Investigation
In a Form 10-Q filed with the U.S. Securities and Exchange Commission on November 6, 2015, Credit Acceptance Corp. disclosed that on September 18, 2015, it received a subpoena from the Attorney General of the State of New York, Civil Rights Bureau relating to the company’s origination and collection of consumer loans in the state of New York. The company further stated that it could not predict the eventual scope, duration, or outcome of the inquiry, and that it was unable to estimate the reasonably possible loss arising from the investigation. Since receipt of the subpoena, Credit Acceptance Corp.’s stock has steadily declined from $205.02 per share on September 18, 2015, to a closing close price of $172.78 on November 16, 2015.
Credit Acceptance Corp. Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003, or you can complete the form below and we will contact you directly.