HAGENS BERMAN, NATIONAL TRIAL ATTORNEYS, Encourages FirstCash (FCFS) Investors to Contact Firm's Attorneys, Securities Fraud Class Action Filed
SAN FRANCISCO, Jan. 24, 2022 /PRNewswire/ -- Hagens Berman urges FirstCash Holdings, Inc. (NASDAQ: FCFS) investors with significant losses to submit your losses now. A securities fraud class action has been filed and certain investors may have valuable claims.
Class Period: Feb. 1, 2018 – Nov. 12, 2021
Lead Plaintiff Deadline: March 15, 2022
Visit: www.hbsslaw.com/investor-fraud/FCFS
Contact An Attorney Now: [email protected]
844-916-0895
FirstCash, Inc. (FCFS) Securities Fraud Class Action:
Throughout the Class Period, FirstCash has claimed it does not offer any of its current credit products, including pawn loans, to members of the U.S. military or their dependents. The company also claimed its controls ensured compliance with applicable laws, including the Military Lending Act ("MLA"), which limits charges that may be associated with an extension of credit to members of the U.S. military and their dependents. Throughout the Class Period, the company has been subject to an order by the Consumer Financial Protection Bureau ("CFPB") requiring compliance with the MLA.
The complaint alleges that defendants made false and misleading statements and failed to disclose that: (1) FirstCash made over 3,600 loans to more than 1,000 active-duty members of the military and their families at usurious interest rates above 36% and often exceeding 200% in violation of the MLA and the CFPB's order; (2) FirstCash did not implement remedial measures to ensure compliance with the CFPB's order; (3) FirstCash's financial results were, in substantial part, the product of violations of the MLA and CFPB's order; and, (4) as a result, FirstCash was exposed to a material undisclosed risk of legal, reputational, and financial harm.
The price of FirstCash shares crashed lower on Nov. 12, 2021, when the CFPB sued FirstCash for violating the MLA and CFPB order by making thousands of pawn loans to borrowers covered by the MLA at rates exceeding 36% and frequently exceeding 200%.
"We're focused on investors' losses and proving FirstCash lied about the legality of its revenue stream," said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in FirstCash and have significant losses, or have knowledge that may assist the firm's investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding FirstCash should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected].
About Hagens Berman
Hagens Berman is a national law firm with eight offices in eight cities around the country and over eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Contact:
Reed Kathrein, 844-916-0895
SOURCE Hagens Berman Sobol Shapiro LLP
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