    
Christine Baker
Board Administrator
Username: Admin
Post Number: 453
Registered: 08-2002
| | Posted on Thursday, January 30, 2003 - 03:57 pm: | 
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http://www.collectionindustry.com/index.cfm?id=8&news_type=1&news_id=8461
Cauley Geller Announces Class Action Lawsuit Against AmeriCredit Corporation On Behalf of Investors
January 30, 2003 — LITTLE ROCK, AR — The Law Firm of Cauley Geller Bowman & Coates, LLP announced today that a class action has been filed in the United States District Court for the Northern District of Texas on behalf of purchasers of AmeriCredit Corporation “AmeriCredit” or the “Company” publicly traded securities during the period between April 14, 1999 and January 15, 2003, inclusive (the “Class Period”). A copy of the complaint filed in this action is available from the Court, or can be viewed on the firm's website at www.cauleygeller.com/library/user_images/americredit.pdf.
The complaint charges AmeriCredit and certain of its officers and directors with violations of the Securities Exchange Act of 1934. AmeriCredit purchases auto finance contracts without recourse from franchised and select independent automobile dealerships, and, to a lesser extent, makes loans directly to consumers buying used and new vehicles. Among other things, plaintiff alleges that defendants' material omissions and the dissemination of materially false and misleading statements regarding the nature of AmeriCredit's revenues and earnings caused AmeriCredit's stock price to become artificially inflated, causing huge damages for investors.
Specifically, the complaint alleges that defendants were improperly deferring delinquent loans to avoid consumer defaults so AmeriCredit would have access to cash which otherwise would have been restricted.
If you bought AmeriCredit publicly traded securities between April 14, 1999 and January 15, 2003, inclusive, and you wish to serve as lead plaintiff, you must move the Court no later than March 17, 2003. If you are a member of this class, you can join this class action online at www.cauleygeller.com/template8.asp?pcode=6&pp=1. Any member of the purported class may move the Court to serve as lead plaintiff through Cauley Geller or other counsel of their choice, or may choose to do nothing and remain an absent class member.
Cauley Geller is a national law firm that represents investors and consumers in class action and corporate governance litigation. It is one of the country's premiere firms in the area of securities fraud, with in-house finance and forensic accounting specialists and extensive trial experience. Since its founding, Cauley Geller has recovered in excess of two billion dollars on behalf of aggrieved shareholders. The firm maintains offices in Boca Raton and Little Rock.
If you have any questions about how you may be able to recover for your losses, or if you would like to consider serving as one of the lead plaintiffs in this lawsuit, you are encouraged to call or e-mail the Firm or visit the Firm's website at www.cauleygeller.com.
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