Gold Bennett & Cera LLP Files Class Action Against Motorcar Parts & Accessories, Inc. and Others Alleging Violations of Federal Securities Laws
19 August 1999
Gold Bennett & Cera LLP Files Class Action Against Motorcar Parts & Accessories, Inc. and Others Alleging Violations of Federal Securities Laws
SAN FRANCISCO--Aug. 19, 1999--Gold Bennett & Cera LLP has filed a class action in the United States District Court for the Central District of California, Case No. C-99-8422-RAP (MCX), on behalf of all purchasers of Motorcar Parts & Accessories, Inc. ("Motorcar") common stock during the period August 1, 1996 through July 30, 1999, inclusive (the "Class Period").The plaintiff purchased shares of Motorcar common stock during the Class Period and is seeking to recover damages.
The plaintiff is represented by the San Francisco law firm of Gold Bennett & Cera LLP. For over 30 years, Gold Bennett & Cera LLP and its predecessors have successfully engaged in commercial litigation, including shareholder, consumer and antitrust class actions, in federal and state courts throughout the United States, recovering hundreds of millions of dollars for its clients.
The complaint charges defendants Motorcar and certain officers and directors with issuing false and misleading financial statements and other public reports, which artificially inflated the market price of Motorcar shares during the Class Period, in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder. In addition, if you acquired your Motorcar shares in the November 19, 1997 public offering of 1,550,000 shares sold at $16.625, underwritten by Smith Barney Inc. and A.G. Edwards & Sons, Inc., you may have additional claims and rights.
On August 1, 1999, Motorcar announced that, as a result of accounting irregularities, principally with respect to the timing of product returns, it expects to restate its previously reported financial results for fiscal 1997, 1998, and for the 1999 fiscal year through December 31, 1998. The Company further announced that accountants Richard A. Eisner & Company, LLP, had withdrawn their opinion on the Company's financial statements for the three years ended March 31, 1998, and that Company founder Mel Marks had resigned as CEO. Since August 2, 1999, trading in Motorcar stock has been halted on NASDAQ.
If you purchased Motorcar common stock during the Class Period, or if you purchased Motorcar stock in the November 19, 1997 public offering, you may no later than 60 days from August 4, 1999 move the Court to serve as lead plaintiff, 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 notice or your rights or interests, please contact Joseph M. Barton of Gold Bennett & Cera LLP, 595 Market Street, Suite 2300, San Francisco, California 94105, by telephone at 800/778-1822 or 415/777-2230, by facsimile at 415/777-5189 or by e-mail at jbarton@gbcsf.com.