NEW YORK, Jan. 08, 2023 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, PC, a nationally recognized shareholder rights law firm, is investigating potential claims against Southwest Airlines Co . (NYSE: LUV), Credit Acceptance Credit Acceptance Corporation (NASDAQ: CACC), and UP Fintech Holding Limited (NASDAQ: TIGR). Our investigations concern whether these companies have violated the federal securities laws and/or engaged in other illegal business practices. Further information on each case can be found at the link.
Southwest Airlines Co. (NYSE: LUV)
On December 26, 2022, Business Insider published an article titled “US Department of Transportation says it plans to look into Southwest Airlines after airline’s ‘unacceptable’ holiday flight cancellations.” The article stated, among other things, that “US DOT tweeted Monday that it will investigate Southwest’s compliance with its customer service policy[,]” and “Southwest canceled nearly 3,000 flights on the day after Christmas, the most of any US airline.”
On this news, Southwest’s stock fell $2.15 per share, or 5%, to close at $33.94 per share on December 27, 2022.
For more information on the Southwest investigation go to:
Credit Acceptance Credit Acceptance Corporation (NASDAQ: CACC)
On December 20, 2022, Credit Acceptance issued a press release announcing the company’s financial results for the fourth quarter and full year 2022. Among other things, Credit Acceptance reported revenue of $274.6 million in the fourth quarter, down 8.7% year-over-year to year, an impairment charge of $58.9 million “related to the shutdown of certain production lines in the United States that are no longer expected to be completed,” and “a charge of $5.5 million related to purchase obligations related to the abandonment of [production lines].”
On this news, Credit Acceptance’s stock price fell $5.08 per share, or 15.64%, to close at $27.40 per share on December 20, 2022.
For more information on the credit approval survey, go to:
UP Fintech Holding Limited (NASDAQ: TIGR)
On December 30, 2022, the China Securities Regulatory Commission issued a statement that UP Fintech had been conducting cross-border securities trading without the commission’s approval for years. In particular, the China Securities Regulatory Commission stated that “[UP Fintech’s] action has constituted illegal operation of securities business in accordance with the Securities Act and related regulations[.]”
On this news, UP Fintech’s share price fell sharply on 30 December 2022.
For more information on the UP Fintech survey, go to:
About Bragar Eagel & Squire, PC:
Bragar Eagel & Squire, PC is a nationally recognized law firm with offices in New York, California and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivatives and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Lawyer advertising. Past results do not guarantee similar outcomes.
Contact information:
Bragar Eagel & Squire, PC
Brandon Walker, Esq.
Melissa Fortunato, Esq.
(212) 355-4648
[email protected]
www.bespc.com
