Investor Files Class Action Complaint Against Credit Acceptance Corp. ; Shareholders Urged to Contact The Law Offices of Timothy L. Miles

Credit Acceptance Corp. (NASDAQ:CACC)

HENDERSONVILLE, TN, UNITED STATES, October 14, 2020 /EINPresswire.com/ -- The Law Offices of Timothy L. Miles, who has been leading the fight to protect shareholder rights for over 19 years, announces that a purchaser of Credit Acceptance Corp. (NASDAQ: CACC) has filed a class action complaint against the company's officers for alleged violations of the Securities Exchange Act of 1934 between November 1, 2019 and August 28, 2020. Credit Acceptance Corp. is a subprime auto finance company that provides loans and other financial products to enable automobile dealers to sell vehicles to consumers. he Credit Acceptance class action lawsuit was commenced on October 2, 2020 in the Eastern District of Michigan and is captioned Palm Tran, Inc. Amalgamated Transit Union Local 1577 v. Credit Acceptance Corporation, No. 20-cv-12698. If you are a shareholder who suffered a loss, click here to participate.

Credit Acceptance Corp. (CACC) Accused of Willfully Deceiving Consumers and Investors

According to the complaint, Credit Acceptance Corp. purports to improve the lives of its borrowers by improving their credit scores and allowing them to move on to more traditional sources of financing. However, during the relevant period, the Company failed to disclose to investors that: (i) it was making high-interest subprime auto loans to borrowers who would be unable to repay the loans; (ii) borrowers were subject to hidden finance charges, resulting in loans exceeding the usury rate ceiling mandated by state law; and (iii) it took excessive and illegal measures to collect debt from defaulted borrowers. On August 28, 2020, the Massachusetts Attorney General confirmed this behavior when it filed a complaint against Credit Acceptance Corp. for allegedly making unfair and deceptive auto loans to thousands of Massachusetts consumers, providing investors with false or misleading information regarding auto securities they offered, and engaging in unfair debt collection practices. The complaint detailed how the Company profited at the expense of its borrowers, who were left with thousands of dollars in debt, ruined credit, and no vehicle. The Massachusetts complaint alleges that Credit Acceptance Corp. defrauded as many as 24,000 borrowers over a six-year period, and seeks $120 million in damages, or $5,000 per violation. In response to the filing of the Massachusetts complaint, Credit Acceptance Corp's stock price took a massive hit, declining $85.36, or 18%, over two days.

If you purchased Credit Acceptance Corp. (CACC) securities between November 1, 2019 and Agust 28, 2020, you have until December 1, 2020, to ask the court to appoint you lead plaintiff for the class.

Credit Acceptance Corp. Shareholders Urged to Contact the Firm

If you purchased Credit Acceptance Corp. securities, have information, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Timothy L. Miles, Esquire, at 615-587-7384, Toll-Free at 855-846-6529, or by email to tmiles@timmileslaw.com. If you inquire by email please include your mailing address, telephone number, and the number shares owned.

About Timothy L. Miles

Timothy L. Miles is a nationally recognized shareholder rights attorney raised in Nashville, Tennessee. Mr. Miles was recentely awarded the recognition of American’s Most Honored Lawyers 2020 – Top 1% by the American Registry. Mr. Miles was also recently selected by Martindale-Hubbell^® and ALM as a 2020 Top Ranked Lawyer and a 2020 Top Rated Litigator. Mr. Miles also maintains the AV Preeminent Rating by Martindale-Hubbell^®, their highest rating for both legal ability and ethics. Mr. Miles is a member of the prestigious Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association, a superb rated attorney by Avvo, a recipient of the Lifetime Achievement Award by Premier Lawyers of America (2019) and recognized as a Distinguished Lawyer, Recognizing Excellence in Securities Law, by Lawyers of Distinction (2019-2020). Awards: Top Rated Litigator by Martindale-Hubbell^® and ALM (2019); Elite Lawyer of The South by Martindale-Hubbell^® and ALM (2019); Member of the Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association (2017-2019); AV^® Preeminent™ Rating by Martindale-Hubble^® (2014-2020); PRR AV Preeminent Rating on Lawyers.com (2018-2020); The Top-Rated Lawyer in Litigation™ for Ethical Standards and Legal Ability (Martindale-Hubble^® 2015); Lifetime Achievement Award by Premier Lawyers of America (2019); Superb Rated Attorney (Avvo); Avvo Top Rated Lawyer for (Avvo 2017-2020). Mr. Miles has authored numerous publications advocating for shareholdings including most recently: Free Portfolio Monitoring Services Offered by Plaintiff Securities Firms Provides Significant Benefits To Investors (Timothy L. Miles, Dec. 3, 2019).

Contact:
Timothy L. Miles, Esq.
Law Offices of Timothy L. Miles
124 Shiloh Ridge
Hendersonville, TN 37075
Telephone: (855-846-6529)
Email: tmiles@timmileslaw.com Website: www.timmileslaw.com
SOURCE: The Law Offices of Timothy L. Miles

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Nationally Recognized Shareholder Rights Attorney Timothy L. Miles Has Achieved the Recognition of American’s Most Honored Lawyers 2020 - Top 1%