Class Action Filed Against Onyx Acceptance Corp. and Certain of Its Officers and Directors Alleging Violations of Federal Securities Law.Business Editors &Legal Writers NEW YORK--(BUSINESS WIRE)--Feb. 9, 2000 A class action has been commenced in the United States District Court United States District Court In the U.S., any of the 94 trial courts of general jurisdiction in the federal judicial system. Each state, as well as the District of Columbia and the Commonwealth of Puerto Rico, has at least one federal district court. for the Central District of California, Orange County District, on behalf of purchasers of Onyx Acceptance Corp. (&uot;Onyx&uot; or the &uot;Company&uot;) (Nasdaq: ONYX) common stock during the period from April 28, 1997 through January 26, 1999, inclusive (the &uot;Class Period&uot;). The Complaint alleges that Onyx and certain of its officers and directors violated section 10(b) of the Securities Exchange Act of 1934 by issuing a series of false and misleading statements concerning, among other things, Onyx's reported financial results during the Class Period. In particular, it is alleged that the revenue, net income, and earnings per share reported in these financial statements were materially inflated by valuing certain assets of Onyx in a manner which violated GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). and require restatement. The Complaint alleges that, as a result of these material false and misleading statements, Onyx=s stock price was artificially inflated throughout the Class Period. Plaintiff seeks to recover damages suffered by class members and is represented by the law firm of Rabin &Peckel LLP LLP - Lower Layer Protocol . Rabin &Peckel LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. for more than thirty years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . If you are a member of the class described above, you may, no later than April 10, 2000 move the Court to serve as lead plaintiff of the class, if you so choose. To serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action or have any questions concerning this announcement or your rights or interests, please contact Joseph V. McBride, Rabin &Peckel LLP, 275 Madison Avenue Madison Avenue, celebrated street of Manhattan, borough of New York City. It runs from Madison Square (23d St.) to the Madison Bridge over the Harlem River (138th St.). In the 1940s and 50s, some of the major U.S. , New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , NY 10016, by telephone at (800) 497-8076 or (212) 682-1818, by facsimile at (212) 682-1892, by e-mail at email@rabinlaw.com. |
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