The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of FirstCash, Inc. (NASDAQ: FCFS) who purchased common stock between February 1, 2018 and November 12, 2021. The action, which was filed in the United States District Court for the Northern District of Texas, alleges that the Company violated federal securities laws.
In particular, the FirstCash lawsuit alleges that (a) 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 Military Lending Act (“MLA”) and the Consent Order Cash America had entered into with the Consumer Financial Protection Bureau (the “Order”); (b) FirstCash had failed to implement the remedial measures imposed by the Order; (c) FirstCash’s financial results were, in substantial part, the product of the Company’s violations of the MLA and the Order; and (d) 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.
Shareholders have until March 15, 2022 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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