GlobeNewswire Inc | Sep 1, 2020 12:51PM EDT

September 01, 2020

LOS ANGELES, Sept. 01, 2020 (GLOBE NEWSWIRE) -- The Law Offices of Frank R. Cruz continues its investigation of Credit Acceptance Corporation ("Credit Acceptance" or the "Company") (NASDAQ:CACC) on behalf of investors concerning the Company and its officers possible violations of federal securities laws.

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OnMarch 25, 2020,Citron Researchpublished a report; (1) highlighting the steep upward trend in subprime auto loan delinquencies, (2) observing "[o]ver the years Credit Acceptance has been taking on riskier and lower return loans and hiding the true volatility of its earnings through aggressive accounting," and (3) questioning the accuracy of the reported book value of the company's loans.

Then, onApril 20, 2020, after the market closed, the Company announced it would not timely file its quarterly report for the period endedMarch 31, 2020.

On this news, the Companys share price fell $40.71 per share, or over 13%, to close at $254.00 per share on April 21, 2020.

On August 31, 2020, the Attorney General of Massachusetts filed a lawsuit against Credit Acceptance. The Lawsuit alleges that the Company made unfair and deceptive loans to consumers and engaged in unfair debt collection tactics, amongst other charges. According to the AG, the Company has engaged in this behavior since 2013.

On this news, the Companys share fell more than 15% in intraday trading.

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If you purchased Credit Acceptance securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.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.

Contacts

The Law Offices of Frank R. Cruz, Los Angeles Frank R. Cruz, 310-914-5007fcruz@frankcruzlaw.comwww.frankcruzlaw.com