May 4, 2016 – Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) has been investigating Credit Acceptance Corporation ("Credit Acceptance” or the "Company") (NASDAQ: CACC), a subprime auto lender, for potential violations of the federal securities laws. Investors who purchased shares of Credit Acceptance common stock may be affected.
On November 6, 2015, after the market closed, in a Form 10-Q filed with the Securities and Exchange Commission (“SEC”), the Company disclosed receipt of a subpoena from the Attorney General of the State of New York on September 18, 2015 in connection with the Company’s origination and collection of consumer loans in the State of New York. On November 9, 2015, the first trading day following the disclosure, Credit Acceptance’s shares declined by $8.59 per share, or 4.8%, to close at $170.40.
Then, on May 2, 2016, after the market closed, in a Form 10-Q filed with the SEC, the Company disclosed that on March 18, 2016, Credit Acceptance received 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. Following this news, on May 3, 2016, Credit Acceptance’s shares declined by about 3.8%, $7.22 per share, to close at $184.93 per share.
If you purchased or acquired shares of Credit Acceptance common stock and would like to discuss our investigation, please contact us by e-mailing
or by calling 800-290-1952.
Attorneys: Laurence D. King, Pamela A. Mayer