National Auto Credit Inc. - Securities Class Action

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_______________
Copyright (c) 2001
Stanford Law School

National Auto Credit Inc. Conclusion: According to the Form 10-Q For The Quarterly Period Ended October 31, 2000, on November 28, 2000, the District Court considered the fairness of the settlement and provided, by way of a Final Judgment and Order, final approval of the settlement. As a result of the Final Judgment and Order dated November 28, 2000, the escrow funds, consisting of $6,500,000 and accrued interest, were relinquished to a third party claims administrator who is responsible for ultimate distribution of the funds (less court approved expenses of $159,000 and plaintiff's attorneys fees of $1,975,000) to the members of the class.

The Complaint alleges that throughout the Class Period, National Auto and the named officers and directors violated the Securities Exchange Act of 1934 by making false and misleading statements about National Auto's earnings and required loan loss reserves, as well as the Company's ability to meet loan obligations. On Jan. 20, 1998, National Auto announced that its auditors, Deloitte & Touche LLP ("DT"), had resigned because they could no longer rely upon managements' representations. As a result, trading of National Auto stock was halted. The Company also announced the "temporary" resignations of its President and CEO, Robert J. Bronchetti, and the Chairman of its Board of Directors, Sam J. Frankino. Both of these individuals are defendants in this action. Trading did not resume until Jan. 27, 1998, following National Auto's announcement that it would be required to substantially increase the size of its loan loss reserves, and that such an increase may cause the Company to go into default. National Auto also announced that one creditor had cut a $2.3 million loan to $800,000, and that another had agreed to defer a $7.5 million payment scheduled to be made by the Company on Jan. 21, 1998 until Feb. 5. As a result, the price of National Auto stock dropped nearly 69% to $1 3/4 per share.

INDUSTRY CLASSIFICATION:
SIC Code: 6141
Sector: Financial
Industry: Consumer Financial Services

COMPANY/ISSUER NAME:	National Auto Credit Inc.
COMPANY/ISSUER TICKER:	NAK
COMPANY WEBSITE:

FIRST IDENTIFIED COMPLAINT IN THE DATABASE

Steiner v. Frankino et al.

COURT: N.D. Ohio	DOCKET NUMBER: 98-CV-00264
JUDGE NAME: Hon. George W. White
DATE FILED: 01/30/1998	SOURCE: Business Wires
CLASS PERIOD START: 03/06/1997	CLASS PERIOD END: 01/27/1998
TYPE OF COMPLAINT: Unamended/Unconsolidated
PLAINTIFF FIRMS IN THIS OR SIMILAR CASE:
McCarthy, Lebit, Crystal & Haiman 1800 Midland Bldg. 101 Prospect Avenue, W Cleveland, OH, 44115-1088dd (voice) 216.696.1422, (fax) , _____________________________________________ TOTAL NUMBER OF PLAINTIFF FIRMS: 1

DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT
CIVIL DOCKET FOR CASE #: 98-CV-264
Type: Docket		Date on the document: 08/30/1999

REFERENCE COMPLAINT

In Re: National Auto Credit Inc. Securities Litigation

COURT: N.D. Ohio	DOCKET NUMBER: 98-CV-00264
JUDGE NAME: Hon. George W. White
DATE FILED: 12/09/1998	SOURCE: Business Wires
CLASS PERIOD START: 03/06/1997	CLASS PERIOD END: 01/27/1998
TYPE OF COMPLAINT: Consolidated and/or Amended
PLAINTIFF FIRMS NAMED IN COMPLAINT:
McCarthy, Lebit, Crystal & Haiman 1800 Midland Bldg. 101 Prospect Avenue, W Cleveland, OH, 44115-1088dd (voice) 216.696.1422, (fax) , _____________________________________________ TOTAL NUMBER OF PLAINTIFF FIRMS: 1

DOCUMENTS FOR THE REFERENCE COMPLAINT
U.S. District Court Civil Docket
Type: Docket		Date on the document: 10/03/2002

OTHER DOCUMENTS
CIVIL DOCKET FOR CASE #: 98-CV-295
Case Name and/or Number: Weiser v. National Auto Credit, et al
Type: Docket		Date on the document: 08/30/1999
CIVIL DOCKET FOR CASE #: 98-CV-301
Case Name and/or Number: Dichter v. National Auto Credit, et al
Type: Docket		Date on the document: 08/30/1999
CIVIL DOCKET FOR CASE #: 98-CV-356
Case Name and/or Number: Breton v. National Auto Credit, et al
Type: Docket		Date on the document: 08/30/1999
CIVIL DOCKET FOR CASE #: 98-CV-375
Case Name and/or Number: Spiro v. National Auto Credit, et al
Type: Docket		Date on the document: 08/30/1999
CIVIL DOCKET FOR CASE #: 98-CV-406
Case Name and/or Number: Dunne v. National Auto Credit, et al
Type: Docket		Date on the document: 08/30/1999
CIVIL DOCKET FOR CASE #: 98-CV-419
Case Name and/or Number: Gagnon, et al v. National Auto Credit, et al
Type: Docket		Date on the document: 08/30/1999
CIVIL DOCKET FOR CASE #: 98-CV-431
Case Name and/or Number: Cholfin, et al v. National Auto Credit, et al
Type: Docket		Date on the document: 08/30/1999
CIVIL DOCKET FOR CASE #: 98-CV-457
Case Name and/or Number: Iames v. National Auto Credit, et al
Type: Docket		Date on the document: 08/30/1999
CIVIL DOCKET FOR CASE #: 98-CV-462
Case Name and/or Number: Daubach, et al v. National Auto Credit, et al
Type: Docket		Date on the document: 08/30/1999
CIVIL DOCKET FOR CASE #: 98-CV-714
Case Name and/or Number: Posner v. National Auto Credit, et al
Type: Docket		Date on the document: 08/30/1999

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