Portnoy Law Firm: Credit Acceptance Corporation, Aurora Cannabis, Inc., and Loop Industries, Inc. Investors Have Limited Amount of Time Before Class Action Deadline
The Portnoy Law Firm advises investors that class action lawsuits have been filed on behalf of investors in the following publicly traded companies. Shareholders interested in taking an active role in these cases have until the deadlines indicated below to petition the court. There is no cost or obligation to you. See below for more information on these cases.
Credit Acceptance Corporation investors (NASDAQ: CACC); December 1, 2020 deadline, click here to join .
Aurora Cannabis, Inc. investors (NYSE: ACB); December 1, 2020 deadline, click here to join .
Loop Industries, Inc. investors (NASDAQ: LOOP); December 14, 2020 click here to join .
Credit Acceptance Corporation On August 28, 2020, a lawsuit was filed against Credit Acceptance by the Massachusetts Attorney General which alleges that the Company has, for years, been making deceptive and unfair automobile loans to thousands of Massachusetts consumers. The lawsuit also alleges that Credit Acceptance provided its investors with false and/or misleading information regarding the asset-backed securitizations which they offered to investors, and that the Credit Acceptance engaged in unfair debt collection practice. Credit Acceptance’s stock price fell $85.36 per share, or over 18%, in response to the public disclosure of the Mass AG lawsuit, to close at $374.07 per share over two trading days ending on September 1, 2020.
Aurora Cannabis, Inc. A press release was issued by Aurora on September 8, 2020, “announc[ing] an update on its business operations along with certain unaudited preliminary fiscal fourth-quarter 2020 results.” Aurora announced that the Company expected to record up to $1.8 billion in goodwill impairment charges in the fourth quarter of 2020. Aurora also announced that “previously announced fixed asset impairment charges [were] now expected to be up to $90 million, due to production facility rationalization, and a charge of approximately $140 million in the carrying value of certain inventory, predominantly trim, in order to align inventory on hand with near term expectations for demand.”
Loop Industries, Inc. The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Loop is the subject of a report issued by Hindenburg Research on October 13, 2020. The report, titled “Loop Industries: Former Employees and Plastics Experts Blow The Whistle On This ‘Recycled’ Smoke And Mirrors Show,” alleges that “a former Loop employee told us that Loop’s scientists, under pressure from CEO Daniel Solomita, were tacitly encouraged to lie about the results of the company’s process internally. We have obtained internal documents and photographs to support their claims.” Hindenburg writes that “according to a former employee, Loop’s previous claims of breaking PET down to its base chemicals at a recovery rate of 100% were ‘technically and industrially impossible.'” The report also alleges that “Executives from a division of key partner Thyssenkrupp, who Loop entered into a ‘global alliance agreement’ with in December 2018, told us their partnership is on ‘indefinite’ hold and that Loop ‘underestimated’ both costs and complexities of its process.” Based on this report, shares of Loop fell by more than 31% in intraday trading.
The Portnoy Law Firm represents investors on a contingency basis in pursuing claims caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
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