RADNOR, Pa., Feb. 13 18, 2022 (GLOBE NEWSWIRE) — The law firm Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) advises investors that a securities class action lawsuit has been filed in the United States District Court North Texas, Fort Worth Division against FirstCash Holdings, Inc. (“FirstCash”) (NASDAQ: FCFS). The suit accuses FirstCash of violations of federal securities laws, including omissions and fraudulent misrepresentations regarding the company’s business, operations and prospects. As a result of FirstCash’s materially misleading statements to the public, FirstCash investors suffered significant losses.
Kessler Topaz is one of the world’s foremost advocates for protecting the public from corporate fraud and other wrongdoing. Our securities fraud litigants are consistently individually recognized as leaders in the field and our firm is both feared and respected within the defense bar and the insurance bar. We are proud to have recovered billions of dollars for our clients and the categories of shareholders we represent.
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PRINCIPAL APPLICANT DEADLINE: March 15, 2022
COURSE PERIOD: from February 1, 2018 to November 12, 2021
CONTACT A LAWYER TO DISCUSS YOUR RIGHTS:
James Maro, Esq. (484) 270-1453 or Email at [email protected]
FIRSTCASH’S ALLEGED MISCONDUCT
FirstCash operates retail pawnshops that lend money against pledged personal property and retails merchandise acquired through collateral forfeitures on forfeited pawnbrokers and merchandise purchases at the counter directly with customers.
The Military Loans Act (“MLA”) provides protections for active duty military members and their dependents under the extension of consumer credit. In November 2013, Cash America International, Inc. (which later merged with FirstCash) entered into a consent order with the Consumer Financial Protection Bureau (“CFPB”) to provide loans to covered service members or their dependents in violation of the MLA. (the order”).
Then, on November 12, 2021, the CFPB announced that it had filed a complaint against FirstCash for violations of the MLA and the Order. Specifically, the complaint alleged that “between June 2017 and May 2021 (the only period for which the Bureau currently has defendants’ transactional data), [FirstCash and its subsidiary Cash America West, Inc.] together have granted over 3,600 pledge loans to over 1,000 covered borrowers in Arizona, Nevada, Utah and Washington. The CFPB found that, for all the loans at issue, FirstCash charged interest rates in excess of 36%, with rates frequently exceeding 200%. Additionally, the CFPB found that FirstCash’s loan sharking practices had been ongoing since at least October 2016 in violation of the order. A CFPB statement outlining the agency’s action against FirstCash said FirstCash had “deceived” and “defrauded” military families and “deprived them of their right to go to court.”
Following this news, FirstCash common stock fell from $85.84 per share on November 11, 2021 to $78.64 per share on November 12, 2021, a decrease of 8%.
WHAT CAN I DO?
FirstCash investors can, no later than March 15, 2022, seek to be named as lead class representative plaintiff through Kessler Topaz Meltzer & Check, LLP or another attorney, or may choose to do nothing and remain an absentee class member. Kessler Topaz Meltzer & Check, LLP encourages FirstCash investors who have suffered significant losses to contact the company directly for more information.
CLICK HERE TO REGISTER FOR THE CASE
WHO CAN BE A PRINCIPAL APPLICANT?
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead applicant is usually the investor or small group of investors who have the greatest financial interest and who are also adequate and typical of the category of investors proposed. The lead plaintiff chooses an attorney to represent the lead plaintiff and the class and those attorneys, if approved by the court, are the lead or class attorneys. Your ability to participate in any collection is not affected by whether or not to serve as lead plaintiff.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP
Kessler Topaz Meltzer & Check, LLP is filing class actions in state and federal courts nationwide and around the world. The company has developed a worldwide reputation for excellence and has recovered billions of dollars for victims of fraud and other malpractice. All of our work is guided by a common goal: to protect investors, consumers, employees and others from fraud, abuse, corporate and fiduciary misconduct and negligence. In the end, we were successful if the bad guys pay and you get your assets back. The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP, please visit www.ktmc.com.
Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
280 King of Prussia Road
Radnor, PA 19087
A video accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/41f036f9-06e4-4438-9e5b-5163da63c2d4