The investigation focuses on whether Encore issued misleading and/or false statements and/or failed to disclose information pertinent to investors. On September 8, 2020 a complaint was filed by the Consumer Financial Protection Bureau (“CFPB”) against Encore and its subsidiaries. It is alleged in this complaint that the Encore violated a consent order “by suing consumers without possessing required documentation, using law firms and an internal legal department to engage in collection efforts without providing required disclosures, and failing to provide consumers with required loan documentation after consumers requested it.” Shares of Encore fell sharply over the next two trading sessions based on this news.
Encore Capital Group, Inc.
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