AmeriCredit Statement Regarding Employee Insider Trading.Business Editors FORT WORTH, Texas--(BUSINESS WIRE)--Sept. 29, 2003 AmeriCredit Corp. (NYSE NYSE See: New York Stock Exchange :ACF (Advanced Communications Function) An earlier official product line name for IBM SNA programs, such as VTAM (ACF/VTAM) and NCP (ACF/NCP). ACF - Advanced Communications Function ) announces that it believes the Securities and Exchange Commission ("SEC") has concluded its investigation of five Company employees for insider trading. None of the five is or ever has been a member of executive management. In its investigation, the SEC asserts that five present or former AmeriCredit employees traded in shares of the Company's common stock in January 2002 while purportedly pur·port·ed adj. Assumed to be such; supposed: the purported author of the story. pur·port in possession of material, non-public information about the Company -- prior to the release of its financial results for the quarter ended December 31, 2001. The Company has cooperated fully with investigators and has taken appropriate disciplinary action. The SEC also asserts that AmeriCredit is liable for a civil penalty under Section 21A of the Securities Exchange Act of 1934 as a "controlling person" of those employees who are alleged to have committed a violation of the Act. The Company neither admits nor denies liability under the Exchange Act by virtue of the trading activity of these employees, but has offered to resolve its part of this matter with the SEC by paying a civil penalty of $100,000 as full settlement. The Company believes that the SEC has accepted this offer and that they will be making an announcement soon to conclude this issue. AmeriCredit has recently adopted tighter restrictions for employees that trade in Company securities, including the implementation of stricter trading blackout periods Blackout Period 1. A term that refers to a temporary period in which access is limited or denied. 2. A period of around 60 days during which employees of a company with a retirement or investment plan cannot modify their plans. and defined trading windows for a broader group of employees. About AmeriCredit AmeriCredit Corp. is a leading independent middle-market auto finance company. Using its branch network and strategic alliances with auto groups and banks, the Company purchases retail installment contracts installment contract n. an agreement in which payments of money, delivery of goods or performance of services are to be made in a series of payments, deliveries or performances, usually on specific dates or upon certain happenings. entered into by auto dealers with consumers who are typically unable to obtain financing from traditional sources. AmeriCredit has more than one million customers and over $14 billion in managed auto receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed . The Company was founded in 1992 and is headquartered in Fort Worth, Texas Fort Worth is the fifth-largest city in the state of Texas, 18th-largest city in the United States[1], and voted one of "America’s Most Livable Communities. . For more information, visit www.americredit.com. |
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