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Class Action Suit Filed Against Motorcar Parts & Accessories, Inc.

24 August 1999

Cohen, Milstein, Hausfeld & Toll, P.L.L.C. Files Class Action Suit Against Motorcar Parts & Accessories, Inc.

    SEATTLE--Aug. 23, 1999--The following notice is issued by the law firm of Cohen, Milstein, Hausfeld & Toll, P.L.L.C. who filed a lawsuit in the United States District Court for the Central District of California on behalf of persons who purchased the common stock of Motorcar Parts & Accessories during the period between August 4, 1996 and August 1, 1999 (the "Class Period") inclusive.
    The lawsuit alleges that defendants concealed from their shareholders accounting irregularities which have caused overstatement of the Company's earnings over the course of the past three years, including all of fiscal 1997 and 1998 and most of fiscal 1999, and in addition, that defendants continuously disseminated materially false and misleading statements regarding the Company's current financial performance and future business prospects.
    On August 1, 1999, the Company announced that, as a result of accounting irregularities, 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 The Company further announced that accountants Richard A. Eisner & Company, LLP, had withdrawn their opinion on the Company's financial statements for the three years ended March 31, 1998, and that Company founder Mel Marks had resigned as chief executive officer. Plaintiff seeks to recover damages on behalf of class members.
    Plaintiff's counsel in this action -- Cohen, Milstein, Hausfeld & Toll, P.L.L.C. -- has significant experience in prosecuting investor class actions and actions involving financial fraud. The firm has offices in Washington, D.C. and Seattle, Washington and is active in major litigation pending in federal and state courts throughout the nation.
    The firm's reputation for excellence has been recognized on repeated occasions by courts which have appointed the firm to lead positions in complex multi-district or consolidated litigation. Cohen, Milstein, Hausfeld & Toll, P.L.L.C. has taken a lead role in numerous important cases on behalf of defrauded investors, and has been responsible for a number of outstanding recoveries which, in the aggregate, total hundreds of millions of dollars or more.
    If you are a member of the class described above and wish to serve as class representative, you have until October 4, 1999 in which to move the Court to serve as lead plaintiff, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements.
    If you have any questions about this notice or the action, or with regard to your rights, please contact:
    Steven J. Toll or Emma Larson of Cohen, Milstein, Hausfeld & Toll, P.L.L.C., 999 Third Ave., Suite 3600, Seattle, WA 98104, 1-888/240-1238 or 206/521-0080.