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1
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DOCKET
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EXTRACTED KEY WORDS
ROBERT MOTION JOHN SCHAEFFER DENNIS LAVIGNE CARLSON FINANCIAL GROUP EXTEND TIME BARTOLINI NAL FINANCIAL GROUP COMPLAINT JUDGE DANIEL HURLEY CCAP LEAD PLAINTIFFS APPOINT LEAD FJL PRO HAC HAC VICE WILLIAM CHARLES WILSON SECURITIES EXCHANGE ACT ATTORNEY ORDER GRANTING LOCAL RULE HOWARD CERTIFICATION WITHDRAW |
Case docket was last updated on: 06/17/99.
Docket as of June 17, 1999 7:04 pm Page 1
Proceedings include all events.
FJL
0:97cv6412 Wilson v. NAL Financial Group, et al CLOSED
FJL
CLOSED
U.S. District Court
Southern District of Florida (FtLauderdale)
CIVIL DOCKET FOR CASE #: 97-CV-6412
Wilson v. NAL Financial Group, et al Filed:
04/16/97
Assigned to: Judge Daniel T. K. Hurley Jury demand: Plaintiff
Demand: $0,000 Nature of Suit: 850
Lead Docket: None Jurisdiction: Federal
Question
Dkt# in other court: None
Cause: 15:0078 Securities Exchange Act
CHARLES WILSON, On Behalf of Mark C. Gardy
Himself and All Others FTS 684-5191
Similarly Situated [COR LD NTC]
plaintiff Abbey Gardy & Squitieri
212 E 39th Street
New York, NY 10016
212-889-3700
Max W. Berger
[COR LD NTC]
Bernstein Litowitz Berger &
Grossmann
1285 Avenue of the Americas
New York, NY 10019
212-554-1400
Emily Cornelia Komlossy
FTS 565-1312
954-630-1000
SNIPPETS:
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2
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CLASS ACTION COMPLAINT
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EXTRACTED KEY WORDS
CREDIT RESERVE PLAINTIFF CLASS ACTION AUTOMOBILE CREDIT LOSS PROVISION UNDERWRITING CRITERIA EXCHANGE ACT CONTRACTS UNDERWRITING GUIDELINES MISREPRESENTATIONS UNDERWRITING PRACTICES CREDIT LOSSES STRENGTHENING AUTOMOBILE FINANCE DEFENDANTS CLASS PERIOD COMMON STOCK SECURITIES EXCHANGE AUTOMOBILE FINANCING REPRESENTATIONS NAL FINANCIAL GROUP MANAGEMENT LOAN CONTRACTS CLASS ACTION COMPLAINT VIOLATIONS SENIOR OFFICERS UNDERWRITING CRITERIA RELATING |
UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF FLORIDA
CHARLES WILSON On Behalf of Himself )
and All Others Similarly Situated, ) No. 97-6412 CIV-HURLEY
) [filed Apr. 16, 1997]
Plaintiff, ) ) CLASS ACTION
vs. ) CLASS ACTION COMPLAINT
NAL FINANCIAL GROUP INC., ) FOR VIOLATION OF THE
ROBERT R. BARTOLINI, JOHN T. ) FEDERAL SECURITIES LAWS
SCHAEFFER, ROBERT J. CARLSON, )
and DENNIS R. LAVIGNE, )
) Plaintiff Demands A
Defendants. ) Trial by Jury
____________________________________ ) )
Plaintiff, individually and on behalf of persons similarly situated , by his undersigned
attorneys, for his Class Action Complaint, alleges upon personal knowledge as to himself
and his own acts and as to all other matters upon information and belief based upon, inter
alia, the investigation made by and through his attorneys, as follows:
NATURE OF THE ACTION
1. 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.
JURISDICTION AND VENUE
2. This Court has jurisdiction over the subject matter of this action pursuant to Section 27
of the Securities Exchange Act of 1934, 15 U.S.C. §78aa.
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