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FirstCash, Inc. Investigation


The law firm of Kirby McInerney LLP is investigating potential claims against FirstCash, Inc. (“FirstCash” or the “Company”) (NASDAQ: FCFS). The investigation concerns whether FirstCash has violated the federal securities laws and/or engaged in other unlawful business practices.
 
FirstCash owns and operates over 1,000 retail pawnshops in the United States, offering pawn loans through its wholly-owned corporate subsidiaries.
 
On November 12, 2021, the Consumer Financial Protection Bureau (“CFPB”) filed a lawsuit against FirstCash and Cash America West, alleging that the two companies violated the Military Lending Act by charging higher than the allowable 36% annual rate on pawn loans to active-duty service members and their dependents. The CFPB is seeking an injunction, redress for affected borrowers, and a civil money penalty. On this news, FirstCash’s share price declined by $7.50 per share, or approximately 8.7%, from $86.14 per share to close at $78.64 per share on November 12, 2021.
 

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