Onyx Says Investors’ Lawsuit ‘Without Merit’

Onyx Acceptance Corp. said that a class-action lawsuit filed last week against the company and some officers “has no foundation and is without merit.”

The lawsuit was filed after Onyx, a Foothill Ranch auto finance company, restated its financial results for 1996, 1997 and parts of 1998. The company attributed the restatement to an accounting change adopted to conform with new standards set by the Securities and Exchange Commission.

The suit claims the company misled investors and artificially inflated its stock price.