Class Action Filed Against Onyx Acceptance Corp. and Certain of Its Officers and Directors Alleging Violations of Federal Securities Law

Business Wire, Feb 9, 2000

Business Editors &Legal Writers

NEW YORK--(BUSINESS WIRE)--Feb. 9, 2000

A class action has been commenced in the United States 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 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. Rabin &Peckel LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than thirty years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States.

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, New York, 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.