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Case Status:    DISMISSED    
On or around 10/06/1998 (Date of order of final judgment)

Filing Date: April 16, 1997

As summarized by the latest docket posted, on April 22, 1998, NAL Financial Group filed a Suggestion of Bankruptcy. On July 21, 998, the plaintiff filed a Notice of Voluntary Dismissal of claims with prejudice, and on October 2, 1998, the case was closed. On October 6, 1998, the Court entered the Order signed by U.S. District Judge Daniel T. K. Hurley dismissing case with prejudice. All pending motions were declared moot.

According to the complaint, this action is brought to redress violations of the antifraud provisions of the Securities Exchange Act of 1934 (the "Exchange Act") committed by NAL Financial Group Inc. ("NAL" or the "Company"), an automobile finance company, and its senior officers involving a series of misrepresentations about the adequacy of the Company's credit loss reserves and its corresponding underwriting practices. Although the Company admittedly relaxed certain underwriting criteria relating to the creditworthiness of the applicants for its automobile financing and did not strengthen such criteria until at least the end of 1996, NAL had been repeatedly telling its shareholders and the investing public generally that for the past year it employed strict underwriting criteria and maintained sufficient reserves for credit losses. When the Company began to disclose, in piecemeal, the inadequacy of its underwriting practices and loss provisions, the price of NAL common stock began to fall from the $13-$15 per share level at which it had been trading for most of 1996 to the current $2 per share range.

COMPANY INFORMATION:

Sector: Financial
Industry: Consumer Financial Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: NALF
Company Market: OTC-BB
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. Florida
DOCKET #: 97-CV-6412
JUDGE: Hon. Daniel T. K. Hurley
DATE FILED: 04/16/1997
CLASS PERIOD START: 04/02/1996
CLASS PERIOD END: 04/02/1997
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Abbey Gardy & Squiteri LLP (San Francisco)
    595 Market Street, Suite 2500, Abbey Gardy & Squiteri LLP (San Francisco), CA 94105
    415.538.3725 ·
  2. Bernstein Litowitz Berger & Grossmann LLP (Westfield, NJ)
    220 St. Paul Street, Bernstein Litowitz Berger & Grossmann LLP (Westfield, NJ), NJ 07090
    908.928.1700 908.301.9008 · blbg@blbglaw.com
  3. Goodkind Labaton Rudoff & Sucharow LLP
    100 Park Avenue, Goodkind Labaton Rudoff & Sucharow LLP, NY 10017
    212.907.0700 212.818.0477 · info@glrslaw.com
  4. Lowey, Dannenberg, Bemporad & Selinger, P.C.
    1 North Lexington Avenue, 11th Floor, Lowey, Dannenberg, Bemporad & Selinger, P.C., NY 10601-1714
    914.997.0500 914.997.0035 · ldbs@wesetnet.com
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