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IN RE NATIONAL AUTO FINANCE CO INC SECURITIES LITIGATION Click to find out why . . .



Keywords & Phrases
CaseNo: NAF102926, CourtName: CLASS ACTION CASES, UniqueCaseRef: LCD>NAF102926, National Auto, Act, Finance, Securities, Reports, Loans, Servicing, Exchange Act, Review, Omni, Losses, Income, Class Period, Common Stock, Misleading, United States, Public Filings, Accounting, Delinquencies, Securitization, Non-prime, Responsibility, Consumers, Deficiencies, Automobile, Defendant Tipton, Disclosure, Connection, Reserves, O-k, Prospectus, Consumer, Stock, Facts, Juna, Total Revenues, Par, Excess, Customers, Payments, Dealers, Rise, Filings, Folkwing, Institutions , ContentID: 120249874

Case Documents
1 1999-07-29 CONSOLIDATED AMENDED COMPLAINT
[ see first page and extracted highlights below  ] ItemID: 123446
63 pages
PDF
2 1998-10-22 COMPLAINT
[ see first page and extracted highlights below  ] ItemID: 123445
66 pages
PDF
Total Documents: 2 documents , 129 pages
Price: $ 24.95


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1 . CONSOLIDATED AMENDED COMPLAINT

EXTRACTED KEY WORDS
DEFENDANT
ACT
FINANCE
PLAINTIFFS
SECURITIES
REPORTS
SERVICING
EXCHANGE ACT
LOANS
REVIEW
LOSSES
OMNI
CLASS PERIOD
COMMON STOCK
INCOME
MISLEADING
UNITED STATES
PUBLIC FILINGS
ACCOUNTING
DELINQUENCIES
SECURITIZATION
NON-PRIME
RESPONSIBILITY
CONSUMERS
DEFICIENCIES
AUTOMOBILE
DEFENDANT TIPTON
DISCLOSURE
CONNECTION
pertaining  to plaintiffs,  which  nre. based on  personal knowledge),  after  due investig;ltion 

counsel.  The  investigation  included  a  review  and  analysis oF public  statements and corporate

documents of  defendants, including  various  public  filings  by National  Auto  Finance  Company,

Inc.  ("National  Auto"  or  the  "Clompany'")  with  the  United  States Securirics  and  Exchange

Commission  ("SIX"),  and  analysts  reports,  and  other  review  and  analysis  cd  mtierirlls

concerning  the dcfendanrs named hercin  and  Iha  allegattions  .set forth  below,  including 

articles and articles  in  Enancial publications.  Plaintiffs  believe  that these allcgtions  and

contentions  will  have  further  evidentiury  support  after  a  reasonable  opputtunity  for 

invtlstigation  and discovery.

                                   JURISD~~TXON  AND  VENUE

                1.       This  Court  has jurisdiction  over  the  subjet  matter  of  this action

to  1522 of  the  Securities  Exchnge  Act  of  1933  (the  "1933  Act")  and  $27  of  the 

Exchange Act af  1934 (the "Fxhang  Act").

                2,       The claims ass&cd  below  arise under  Scctiaas 11, 12(a)(2)  and  15 of 

Securities Act  of  1933  (the  "Securititi  Act"),  15 U.S.C.  Ej77k, 771(a)(2)  and 770  and 



lo(b)  of  the  $CCUI~L~CS  Exchange  Act of  lY34  (tb~ "Exchange  Act"),  15 U.S.C.  §78j(b], 

KG-5  yromulgatcd  thcreuader  by  the  SEC,  17 C,F.R.  5240.10b-5,  and  Section  20(u)  of  fhe

Exchange Act, IS USC.  g?&(a).

                 3.        Venue  is proper  in  this  District  pwsmnt  b  $22 of  the 1933 Act

the  Exchange  Act.  Many  of  the  acts and  transactions constituting  the  violations  of  the 

alleged  herein,  including  the  prepr&m,         issuance,  and  dissemination  of  marcrially 

misleading  inCumratiun  to  the invesling  public,  have  occurred  in  this District.  In 

principhl  execwive  offices  of  the corporate defendant  are siluati  in  this Disttic~

                 4.        In  connection  with  the  acts, conduct  and  other  wrongs  alleged 
SNIPPETS:
  • documents of defendants, including various public filings by National Auto Finance Company,
  • Inc. ("National Auto" or the "Clompany'") with the United States Securirics and Exchange
  • Commission, and analysts reports, and other review and analysis cd mtierirlls
  • Plaintiffs believe that these allcgtions and factual
  • to 1522 of the Securities Exchnge Act of 1933 and $27 of the Securities
  • Exchange Act af 1934.
  • misleading inCumratiun to the invesling public,
  • offering in which 2 million shares of defendant National Auto l%inance Company,
  • things, concealed (through misstatements of fact, fraudulent financial accounting, and
  • Class Period which fraudulently created the false impression that the Company's accounting
  • revealed at the end of the Class Period, the price of the Company's common stock fclI over 91%
  • ..servicing wd collection problems.
  • magnitude of the preuiously concealed losses which had been sustained by the Comperny.
  • Pre-tax income fur the quarkr ended:
  • Finance since Febtuq 1998 and was Vice President and Chief Financial Officer
  • originated by aulomobiLc denlcrs [Dealers') for Non-Prime Consumers &,
  • The Company puTchases Loans principallly
  • from manufactuw-franchisect Dealers in connection with their Ae trf new and used acrtomobiles.
  • throughout the United States that would refer Non-Prime Consumer laan ilpplicittions IO the
  • The Company estimates that the outstanding automobile
  • parchascd by the Company since inception wet-c serviced and administered by Omni Financial
  • investigating delinquencies and communicating with botroulcrs to
  • In the March 4, 1997 press release, defendant Tipton was quoted as saying,
  • certain of the Comp;tny's securitization ass&.
  • The Company intends to assume responsibility

  • 2 . COMPLAINT

    EXTRACTED KEY WORDS
    RESERVES
    O-K
    PROSPECTUS
    CONSUMER
    STOCK
    FACTS
    JUNA
    TOTAL REVENUES
    PAR
    EXCESS
    OMNI
    CUSTOMERS
    PAYMENTS
    DEALERS
    INCOME
    RISE
    FILINGS
    FOLKWING
    INSTITUTIONS
    CONSUMER FINANCE COMPANY
    SPECIALIZED CONSUMER FINANCE
    NATIONAL AUTO
    COMPLAINT
    RETRIEVAL SERVICES
    REPORTS
    CHSS
    REMOTE
    SEPARATE CLAIMS
    CLASS MEMBERS
    
                                                                                                 98-8767
     PEARL  PECKERMAN,                      I.R.A.,         an  behalf  of  herself
     and  all  others  similarly             situated,                                                 
    
                                                  Plaintiff,
                                                                                                       
                           V.                                                                          
    
     NATIONAL            AUTO  FINANCE                   COMPANY,              INC.,
     GARY  L.  SHAPIRO,                  KEITH  6.  STEIN,  ROY  E.
     TIPTON,          KEVIN  G.  ADAMS,                   EDGAR  A,  OTTO,
     PETER  OFFERMAN,                    MORGAN               M.  SCHUSSLER,
     STEVEN           L.  GURBA,          CRUT-TENDEN                  ROTH,  INC.  and
     RAYMOND             JAMES           &  ASSOCIATES,                   INC.,
    
    
    
    
    
    atbrneys,          alleges         the  following,                upon  information             and
    
    allegations        pertaining        to  plaintiff,          which  are  based  on  personal       
    
    investigation         by  her  counsel.                  The  investigation              included  
    
    public  statements                and  corporate             documents            of  defendants,  
    
    filings  by  National             Auto  Finance  Company,                       Inc.  {"National   
    
    with  the  United  States  Securities                         and  Exchange             Commission 
    
    reports,  and  other  review  and  analysis  of  materials                               
    
    herein  and  the  atlegations  set  forth  below,  including                                 
    
    in  financial        publications.                  Plaintiff        believes        that  these   
    
    
    
    contentions           will  have  further  evidentiary                 support          after  a 
    for
    
    futd-er        investigation          and  discovery.
    
                                                       JURlSDlCTlON              AND  VENUE
    
                            1.          This  Court  has  jurisdiction                 over  the 
    
    pursuant  ta  §Z!  of  the  Securities                      Exchange          Act  of  1933  (the 
    
    SNIPPETS:
  • $9,00 after the Offering before the true facts began to reach the public and the stock
  • throughout the United States and are so numerous that joinder of all Class members
  • separate claims is remote;
  • ChSS.
  • reports with the SEC;
  • alleged in this Complaint.
  • National Auto is a specialized consumer finance company engaged
  • filings over the past ten years, the rise of total consumer
  • income over the past three years,
  • Prospectus at 3.
  • 31, 1996 Form 1 O-K 1" 1996 1 O-K") filed with the SEC on March 31, 1997):
  • Dealers.
  • payments.
  • reserves an Loans.
  • The reserves are set at levsls considered
  • customers.
  • each worked at World Omni for in excess of five years and
  • $8.50 par share was completed.
  • Far the three months ended June 30, 1997, total revenues
  • rated the Company's stock a buy.
  • Juna 30, 1997.
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