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Case Status:    SETTLED
On or around 11/14/2000 (Settlement hearing date)

Filing Date: January 30, 1998

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.

COMPANY INFORMATION:

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

SECURITIES INFORMATION:

Ticker Symbol: NAK
Company Market: New York SE
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: N.D. Ohio
DOCKET #: 98-CV-00264
JUDGE: Hon. George W. White
DATE FILED: 01/30/1998
CLASS PERIOD START: 03/06/1997
CLASS PERIOD END: 01/27/1998
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. McCarthy, Lebit, Crystal & Haiman
    1800 Midland Bldg. 101 Prospect Avenue, McCarthy, Lebit, Crystal & Haiman, OH 44115-1088
    216.696.1422 ·
No Document Title Filing Date
COURT: N.D. Ohio
DOCKET #: 98-CV-00264
JUDGE: Hon. George W. White
DATE FILED: 12/09/1998
CLASS PERIOD START: 03/06/1997
CLASS PERIOD END: 01/27/1998
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. McCarthy, Lebit, Crystal & Haiman
    1800 Midland Bldg. 101 Prospect Avenue, McCarthy, Lebit, Crystal & Haiman, OH 44115-1088
    216.696.1422 ·
No Document Title Filing Date
No Document Title Filing Date