GlobeNewswire Inc | Nov 20, 2020 12:30PM EST

November 20, 2020

LOS ANGELES, Nov. 20, 2020 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP (GPM) reminds investors of the upcomingDecember 1, 2020deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired Credit Acceptance Corporation ("Credit Acceptance" or the "Company") (NASDAQ:CACC)common stock betweenNovember 1, 2019 and August 28, 2020,inclusive (the Class Period).

If you suffered a loss on your Credit Acceptance investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/credit-acceptance-corporation/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, via email shareholders@glancylaw.com or visit our website at www.glancylaw.com to learn more about your rights.

On Friday, August 28, 2020, the Massachusetts Attorney General (AG) filed a complaint against Credit Acceptance alleging that the Company made unfair and deceptive auto loans to consumers and engaged in unfair debt collection practices. Among other things, the complaint alleged that, since 2013, Credit Acceptance topped off the pools of loans that it packaged and securitized with higher risk loans. It further alleged that Credit Acceptance made high interest subprime auto loans that the Company knew borrowers would be unable to pay, thereby ignoring the likelihood that the borrowers would default on their loans.

On Monday, August 31, 2020, the Massachusetts AG issued a press release announcing the lawsuit and stating that the Companys unaffordable and illegal loans caused borrowers to fall into thousands of dollars of debt and even lose their vehicles.

On this news, the Companys share price fell $85.36, or 18%, to close at $374.07 per share on September 1, 2020, thereby injuring investors.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Companys business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the Company was topping off the pools of loans that they packaged and securitized with higher-risk loans; (2) that the Company was making high interest subprime auto loans to borrowers that the Company knew borrowers would be unable to repay; (3) that the borrowers were subject to hidden finance charges, resulting in loans exceeding the usury rate ceiling mandated by state law; (4) that the Company took excessive and illegal measures to collect debt from defaulted borrowers; (5) that, as a result, the Company was likely to face regulatory scrutiny and possible penalties from various regulators or lawsuits; and (6) that, as a result of the foregoing, Defendants positive statements about the Companys business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

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If you purchasedor otherwise acquired Credit Acceptance common stock during the Class Period,you may move the Court no later thanDecember 1, 2020to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take noaction and remain an absent member of the Class. If you wish tolearn moreabout this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contactCharlesLinehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email toshareholders@glancylaw.com, or visit our website atwww.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

ContactsGlancy Prongay & Murray LLP, Los AngelesCharles H. Linehan, 310-201-9150 or 888-773-92241925 Century Park East, Suite 2100Los Angeles, CA 90067 www.glancylaw.com shareholders@glancylaw.com