|
|
Article: Lend them some luck? Delayed report, suit smack Credit Acceptance. (Credit Acceptance Corp)
- Article from:
- Crain's Detroit Business
- Article date:
- February 2, 1998
- Author:
CopyrightCOPYRIGHT 1998 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
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 ...