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Lend them some luck? Delayed report, suit smack Credit Acceptance. (Credit Acceptance Corp)
Crain's Detroit Business, February, 1998 by Roush, Matt
Delayed report, suit smack Credit Acceptance The tough times continue for Credit Acceptance Corp. (Nasdaq: CACC). The South field specialty auto-finance company said last Wednesday that its 1997 earnings statement would be delayed because its auditors, Arthur Andersen L.L.P., haven't finished with the books.
Then Thursday, the company was hit with a shareholder class-action suit, alleging the company hid unpleasant financial reality. Analysts said earnings report delays usually are not good news. "Whenever there is a delay in earnings, the immediate interpretation is negative," said Michael Moran, a finance stock analyst at Detroit brokers Roney & Co. "It's usually not that they had so much money coming through the doors that it took them longer than they thought...
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