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Credit Acceptance Corporation

Company NameCredit Acceptance Corporation
Stock SymbolCACC

On March 25, 2020, Citron Research published 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, on April 20, 2020, after the market closed, the Company disclosed that it would not timely file its quarterly report for the period ended March 31, 2020. 

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

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