Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $100,000 In FirstCash To Contact Him Directly To Discuss Their Options
New York, New York--(Newsfile Corp. - March 10, 2022) - Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against FirstCash Holdings, Inc. ("FirstCash" or the "Company") (NASDAQ: FCFS) and reminds investors of the March 15, 2022 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you suffered losses exceeding $100,000 investing in FirstCash stock or options between February 1, 2018 and November 12, 2021 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/FCFS.
There is no cost or obligation to you.
Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Delaware, Pennsylvania, California and Georgia.
As detailed below, the lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (I) that FirstCash had made more than 3,600 loans to over 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 Order; (II) that FirstCash had failed to implement the remedial measures imposed by the Order; (III) that FirstCash's financial results were, in substantial part, the product of the Company's violations of the MLA and the Order; and (IV) that as a result of the foregoing, FirstCash was exposed to a material undisclosed risk of legal, reputational and financial harm if the Company's violations of the MLA and the Order were ever publicly disclosed.
On November 12, 2021, the Consumer Financial Protection Bureau ("CFPB") filed a lawsuit in the United States District Court for the Northern District of Texas against FirstCash and Cash America West, Inc.
The CFPB alleged that the two companies violated the Military Lending Act ("MLA") by charging higher than the allowable 36% annual percentage rate on pawn loans to active-duty service members and their dependents. The CFPB also alleged that FirstCash violated a 2013 CFPB order against its predecessor company prohibiting MLA violations. The CFPB is seeking an injunction, redress for affected borrowers, and a civil money penalty.
On this news, shares of FirstCash stock fell 8%, on November 12, 2021 and closed at $78.64.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding First Cash's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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