The Shareholders Foundation announces that an investigation on behalf of current long-term investors in NASDAQ:WRLD shares was initiated concerning potential breaches of fiduciary duties by certain directors and officers of World Acceptance Corp.
Investors who are current long term investors in World Acceptance Corp. (NASDAQ:WRLD) shares, have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 – 1554
The investigation by a law firm for current long term investors in NASDAQ:WRLD stocks follows a lawsuit filed against World Acceptance Corp. over alleged securities laws violations. The investigation on behalf of current long term investors in NASDAQ:WRLD stocks, concerns whether certain World Acceptance officers and directors are liable in connection with the allegations made in that lawsuit.
According to that complaint filed in the U.S. District Court for the District of South Carolina the plaintiff alleges that World Acceptance Corp. and certain of its officers and directors violated Federal Securities Laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. More specifically, the plaintiff claims that defendants made allegedly false and/or misleading statements and/or failed to disclose that World Acceptance Corp’s loan practices do not abide by the Consumer Financial Protection Act and/or the Truth in Lending Act, that World Acceptance Corp lacked adequate internal and financial controls; and that as a result of the above, World Acceptance Corp’s financial statements, assurances and expectations with regard to the Company’s growth, operations and business prospects were false and misleading at all relevant times.
On July 3, 2013, World Acceptance Corp. announced that it would be unable to timely file a complete Annual Report for the fiscal year that ended on March 31, 2013 with the Securities and Exchange Commission. Shares of World Acceptance Corp. (NASDAQ:WRLD) dropped from $88.71 per share on July 3, 2013, to $75.30 per share on July 9, 2013.
On March 13, 2014, World Acceptance Corp. announced that the Consumer Financial Protection Bureau (“CFPB”) issued a Civil Investigation Demand to the company on March 12, 2014. According to World Acceptance, the CFPB investigation is to determine “whether finance companies or other unnamed persons have been or are engaging in unlawful acts or practices in connection with the marketing, offering, or extension of credit” in violation of certain sections of the Consumer Financial Protection Act, the Truth in Lending Act, and other Federal consumer financial laws. Shares of World Acceptance fell from $97.96 per share on March 12, 2014, to $71.85 per share on March 26, 2014.
Those who purchased shares of World Acceptance Corp. (NASDAQ:WRLD) have certain options and should contact the Shareholders Foundation.
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