SAN FRANCISCO, Nov. 18, 2021 /PRNewswire/ -- Hagens Berman urges FirstCash, Inc. (NASDAQ: FCFS) investors with significant losses to submit your losses now. The firm is investigating possible securities law violations and certain investors may have valuable claims.
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FirstCash, Inc. (FCFS) Investigation:
The investigation focuses on FirstCash's repeated assurances that it complies with applicable laws concerning its pawn shop lending practices and on its revenue-related financial disclosures.
More specifically, since Sept. 2016 FirstCash has been subject to an order by the Consumer Fraud Protection Bureau prohibiting the company from any further violations of the Military Lending Act ("MLA"), which contains protections for active-duty servicemembers and their dependents ("covered borrowers"). These protections include a maximum amount of all charges that may be associated with an extension of credit.
FirstCash's claims were brought into serious question on Nov. 12, 2021, when the Bureau sued the company for violations of the MLA alleging that, between June 2017 and May 2021, FirstCash made over 3,600 pawn loans to 1,000 covered borrowers all at an annual percentage rate ("APR") of over 36% and frequently exceeding 200% APR. According to the Bureau, these APRs were well over the MLA's limit.
This news sent the price of FirstCash shares sharply lower on Nov. 12, 2021.
"We're focused on investors' losses and whether 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 FCFS@hbsslaw.com.
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Contact:
Reed Kathrein, 844-916-0895
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SOURCE Hagens Berman Sobol Shapiro LLP
